Government stated that the steel industry should make the most of these opportunities, especially with the growth in advanced manufacturing and clean energy sectors, and emphasised that steel is critical for many sectors from construction to advanced technology production.
As part of the new strategy, it was announced that GBP 2.5 billion (approximately EUR 3 billion) of funding will be provided through the National Wealth Fund (NWF) and other sources to incentivise investment in the steel sector, and that this support will contribute to the transformation of the sector with a GBP 500 million (approximately 600 million) investment in the installation of an electric arc furnace (EAF) at Tata Steel UK's Port Talbot facility.
Opportunities and challenges affecting the steel industry were analysed in detail during the formulation of the strategy. In this context, financing support for primary steel production and the evaluation of new technology applications stood out as an important topic, while analysing the future steel demand and increasing the demand for domestically produced steel was considered as a critical issue for the sustainable growth of the sector. Protection of the sector against overcapacity and unfair trade practices in global markets was reported to be of great importance in terms of maintaining competitiveness. In addition, it was emphasised that electricity prices should be evaluated, taking into account their impact on the competitiveness of the steel sector. Preventing deindustrialisation while complying with decarbonisation targets and integrating the steel sector into green transformation were among the issues addressed in terms of sustainable production. In addition, measures that can be taken to protect the sector against the risk of carbon leakage were investigated. The UK's world-class research and development capacity and how it can be integrated into the steel sector and how innovation in this area can be encouraged was considered as an important question. It was stated that steps should be taken to attract and retain qualified labour for the future of the sector.
Government has prepared a comprehensive road map for the steel industry to remain strong in global competition. The new strategy aims to increase industrial investments, strengthen production capacity and promote sustainable steel production.
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