Business Secretary Jonathan Reynolds emphasized the necessity of recent government action to protect Britain's steel industry, which contributes £1.7 billion to the economy. His comments came amid concerns over global steel overproduction and rising costs faced by UK manufacturers. The government plans to introduce a new steel strategy to address these challenges, including investment and better protection for domestic markets. Prime Minister Keir Starmer also supported this intervention to prevent shutdowns in the sector, which employs over 37,000 workers across 1,145 businesses.
The intervention yesterday was dramatic but was needed to secure Britain's economic security. Without the decisive action by the government yesterday all was lost.
In 2024, the steel industry contributed 1.7bn to the UK economy, equivalent to 0.1% of total UK economic output and 0.8% of manufacturing output.
The sector has been demanding help from the government on spiraling energy costs and wants the domestic market to be better protected from imported steel.
The government aims to ramp up investment, strengthen supply chains, and create more well-paid jobs in the places where they're most needed.
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