The UK government has announced that it has launched a new steel council to revive and strengthen the struggling domestic steel industry as well as to ensure economic growth and develop the country’s upcoming Steel Strategy.
Accordingly, the council will bring together industry experts, sector leaders such as CEOs of Tata Steel and British Steel, trade unions and devolved governments to discuss the challenges in the industry and make the necessary changes to protect domestic steelmaking.
Jonathan Reynolds, UK secretary of business, who is also leading the council, stated that the government will secure the future of the steel industry in the long term and that a powerful industry is essential for both economic growth and national security. Also, he reiterated the government’s plans to invest £2.5 billion to rebuild the industry.
In the meantime, trade association UK Steel has applauded the government’s initiative, saying that rising imports, increased competition in the global steel market, high energy costs and insufficient policies have exacerbated the industry, resulting in a decline in steel production in recent years. However, the government has offered a lifeline with the steel council and the steel strategy, the association stated.
