Business Secretary fortifies UK steel industry
- 16th February 2025
- UK News and communications
Business Secretary Grant Shapps has announced a £300m investment in the UK steel industry, in a bid to support the sector amidst rising energy costs and global competition.
The funding will be used to support innovation in the industry, as well as to help steelmakers reduce their carbon emissions. The government is also working with industry to develop a long-term plan for the sector.
The announcement comes as the UK steel industry faces a number of challenges, including rising energy costs, global competition, and the transition to a low-carbon economy. The government’s investment will help to address these challenges and ensure that the UK steel industry remains competitive.
Business Secretary Grant Shapps said: “The UK steel industry is a vital part of our economy, and we are committed to supporting its future. This £300m investment will help the industry to innovate, reduce its carbon emissions, and compete on the global stage.”
The investment is welcome news for the UK steel industry, which has been struggling in recent years. The sector has been hit by rising energy costs, global competition, and the transition to a low-carbon economy. The government’s investment will help to address these challenges and ensure that the UK steel industry has a bright future.
The steel industry is a major part of the UK economy, employing over 30,000 people and contributing £2bn to the economy each year. The government’s investment will help to secure the future of this vital industry and ensure that it continues to make a major contribution to the UK economy.
Additional Information
- The £300m investment will be used to support the following:
- Innovation in the steel industry
- Helping steelmakers reduce their carbon emissions
- Developing a long-term plan for the sector
- The UK steel industry is a major part of the UK economy, employing over 30,000 people and contributing £2bn to the economy each year.
- The industry faces a number of challenges, including rising energy costs, global competition, and the transition to a low-carbon economy.
- The government’s investment will help to address these challenges and ensure that the UK steel industry has a bright future.
Business Secretary fortifies UK steel industry
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