The UK-based trade association UK Steel has commented on the new UK-government’s plans to launch its promised £7.3 billion National Wealth Fund following the latter’s election promise of pledging £2.5 billion for the steel industry. The new fund is expected to provide a major boost for green industries, having earmarked £1 billion to accelerate the deployment of carbon capture technologies, and £500 million to support green hydrogen manufacturing.
Gareth Stace, UK Steel director general, stated, “UK Steel is looking forward to working with the new government to strengthen UK steelmaking for the benefit of our nation. The government has put the steel sector forward as a key pillar for its industrial strategy, demonstrating how a government-industry partnership can build our renewable energy capacity and enable growth.”
Mr. Stace also noted that the commitment to spend £2.5 billion on the steel industry as part of the National Wealth Fund will be hugely significant in rebuilding UK steelmaking, including developing a competitive business environment and making the UK a desirable place to invest.
