The steel council in the UK has hosted its second meeting today, April 9, bringing industry leaders such as British Steel, Tata Steel and Liberty Steel together, with the government announcing some measures to support domestic steelmakers.
During the meeting, Sarah Jones, minister for industry, stated that the Network Charging Compensation (NCC) scheme under the British Industry Supercharger package will be provided to the steel industry. Ms. Jones underlined that the scheme will bring energy costs for steel companies and other energy-intensive industries closer in line with other major economies worldwide.
Within the scope of the NCC scheme, the first payments to the industry will be made next month and will provide over £15 million in energy price relief for businesses in May alone. Once fully implemented, the total value of reduced electricity prices from the Supercharger package is expected to be between £320 million and £410 million in 2025, and more than £5 billion over the next 10 years.
