Business Secretary fortifies UK steel industry
- 16 February 2025
The Business Secretary has today announced a package of measures to support the UK steel industry.
The package includes:
- £300 million to invest in new technology and equipment
- £100 million to support research and development
- £50 million to train new workers
- A new taskforce to work with businesses to identify and address challenges
The Business Secretary said:
“The UK steel industry is a vital part of our economy. It provides jobs for thousands of people and supports businesses across the country.
“This package of measures will help the industry to invest in new technology, train new workers, and maintain its competitiveness in the global market.”
The steel industry is a major employer in the UK, with around 30,000 people working in the sector. The industry is also a major contributor to the UK economy, with an annual turnover of around £8 billion.
However, the industry has been facing challenges in recent years, including rising energy costs, increasing competition from overseas, and a decline in demand for steel.
The package of measures announced today is designed to help the industry to overcome these challenges and to ensure its long-term competitiveness.
The £300 million investment in new technology and equipment will help the industry to modernise its operations and to improve its productivity. The £100 million investment in research and development will help the industry to develop new products and processes. The £50 million investment in training new workers will help to ensure that the industry has the skills it needs for the future.
The new taskforce will work with businesses to identify and address challenges facing the industry. The taskforce will be led by the Business Secretary and will include representatives from the steel industry, trade unions, and government.
The package of measures announced today has been welcomed by the steel industry.
The Chief Executive of the UK Steel Association said:
“This package of measures is a significant step forward for the UK steel industry. It will help us to invest in new technology, train new workers, and maintain our competitiveness in the global market.”
The steel industry is a vital part of the UK economy. The package of measures announced today will help to ensure that the industry has a bright future.
Business Secretary fortifies UK steel industry
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