Government announces multibillion-pound plans to boost UK steel industry

The UK Government has unveiled a multibillion-pound strategy to bolster the domestic steel industry and ensure its long-term viability.

A consultation has been initiated to tackle persistent challenges facing the sector, including elevated electricity costs, unfair trade practices, and scrap metal recycling. Amidst US President Donald Trump's proposals for tariffs on steel products, the Government has pledged to allocate up to £2.5bn in support of the UK steel industry.

Assistance will be provided through the National Wealth Fund, with potential benefits extending to regions such as Scunthorpe, Rotherham, Redcar, and Scotland. The funds will be utilised for initiatives aimed at securing steel's long-term future, including the development of electric arc furnaces.

The announcement follows the Government's approval for Heathrow Airport's expansion, which is anticipated to necessitate 400,000 tonnes of steel. In recent years, the industry has confronted numerous hurdles, including a