The Government has launched a new Steel Council, made up of leaders from across the industry, to advise it, including on how £2.5bn investment will be spent.
Scunthorpe‘s Labour MP has said it shows the Government is serious about a strong strategic direction for the steel industry and investment in it. The first meeting of the council was held on Tuesday and chaired by Business Secretary Jonathan Reynolds, together with co-chair Jon Bolton, Chairman of the Materials Processing Institute. The institute is a globally-recognised non-profit research and innovation centre based in Teesside.
It will advise the Government on its upcoming Steel Strategy, which is being backed by £2.5bn of support through its National Wealth Fund. British Steel and Liberty Steel will be Steel Council members, as will Community and GMB trade unions. It will meet regularly as the Government prepares to launch its strategy.
The announcement comes as British Steel said it remained in active talks with the Government about the company’s future. A spokesperson also confirmed it is continuing to purchase raw materials for its Scunthorpe blast furnaces.
“The announcement of the Steel Council shows that this Labour Government is serious not only about investing in the UK steel industry but also setting a strong strategic direction for its future,” said Scunthorpe’s MP Sir Nic Dakin. “It will bring together employers like Tata, Liberty and British Steel here in Scunthorpe, alongside trade unions ensuring workers’ voices will be heard.”
He said it was “regrettable” the previous government “did not take opportunities available three or four years ago” that would have left the industry in a stronger position. “We need to look forward and focus on delivering a brighter future for our steel industry and that’s exactly what the Steel Council will do.”
Business Secretary Jonathan Reynolds said: “The industry and steel communities have had enough of lurching from crisis to crisis – this government will take the action needed to place steel on a secure footing for the long term. With the launch of the Steel Council we’re placing workers and local communities at the heart of our plans as we bring forward £2.5 billion of investment to secure growth right across the country.”
UK Steel’s director-general Gareth Stace said the council’s launch was “a defining moment” for the industry’s future. “The council represents a crucial step towards creating a comprehensive Government Steel Strategy – one that lays the foundations for a sustainable and resilient industry.
“This strategy is a once-in-a-generation opportunity to foster a competitive business environment that encourages long-term investment and ensures steelmaking remains at the heart of the UK economy. We are committed to collaborating with the Government, trade unions, and industry partners to turn this vision into a shared success, securing the sustained growth that our sector, its workforce, and our communities rightfully deserve.”
Mr Bolton said he was honoured to co-chair it. “I have worked in the steel industry globally for over 40 years, and it’s clear this sector has faced many challenges.
“However, I believe the UK has all the essential elements to attract investment into the steel industry: demand, skills, technology, unrivalled research and development and, critically, a supportive government having announced up to £2.5 billion of support through the National Wealth Fund.”
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Original artice: https://www.grimsbytelegraph.co.uk/all-about/scunthorpe
