POLITICAL COMMENT: MP welcomes Labour’s strategy to protect steel industry
Workers across the UK are set to benefit from the Government’s new Steel Strategy, which takes bold action to support the industry for the long term and recognises the vital role that steel plays in Britain’s national security, infrastructure and the whole economy.
Backed by up to £2.5 billion in funding through the National Wealth Fund, the Strategy forms a vital part of the Labour Government’s activist and strategic approach to supporting British based industries, giving businesses the certainty and funding they need in uncertain times.
The Business and Trade Secretary Peter Kyle launched the Strategy on a visit to Tata Steel production plant in Port Talbot, where he met local steelworkers. He outlined the Government’s ambition to boost domestic steel production to meet up to 50% of Britain’s domestic demand for steel and secure the industry’s role in supporting vital UK sectors like infrastructure, defence, and clean energy.
The Strategy also includes a commitment to reduce overall quota levels for steel imports from abroad by 60% compared to current arrangements, and the introduction of a 50% tariff for any steel imports.
The Strategy also confirms electric arc furnaces (EAFs) as the future of British steelmaking and commits to replacing traditional blast furnaces with modern technology that uses recycled scrap metal and produces far lower carbon emissions, in line with the Government’s net zero goals.
Portsmouth South MP Stephen Morgan said: “Britain has a proud, longstanding history of producing steel and creating good skilled jobs, and that is why I welcome this new bold action to support our steel industry.
“The investment from the Labour Government into the industry will make a meaningful difference – helping to ensure its long-term future.
“The new Strategy will help to build homes, upgrade our railways, and create the renewable energy that we need”