UK Government launches £2.5bn Plan for Steel Industry

The UK government has launched a Plan for Steel Consultation to address long-term challenges in the steel industry, committing up to £2.5 billion to support initiatives such as electric arc furnaces and improve competitiveness against international markets. This funding aims to benefit regions historically linked to steel production, like Scunthorpe and Port Talbot, and create a strong business pipeline, particularly following Heathrow Airport's recent announcement requiring 400,000 tonnes of steel. Business Secretary Jonathan Reynolds emphasized the government's commitment to safeguarding jobs and driving economic growth in the industrial heartlands. The consultation seeks input from stakeholders to collaboratively shape the future of the industry, which has faced numerous hurdles, including high electricity costs and the need for greener production methods. This initiative reflects the government's broader industrial strategy and its response to potential US tariffs on steel. Overall, the plan is seen as a vital step in ensuring the long-term viability of the UK's steel sector.