The UK government has committed to providing up to £2.5 billion of funding within the scope of "The Plan for Steel" for the transition of the steel industry to net zero and production of green steel. This is in addition to the existing £500 million investment in the building of an electric arc furnace at Tata Steel UK's Port Talbot plant.
In developing the strategy, the government is exploring opportunities and challenges which could have the biggest impacts for the UK steel industry, including: identifying support for investment opportunities; assessing the viability of technologies for the production of primary steel, including direct reduced iron; stimulating demand for domestically produced steel; how to best use and improve the UK's capability in scrap metal processing; how to protect the sector against unfair trading practices and overcapacity in the global market.
Commenting on the government's strategy for the future of the UK steel industry, Sharon Graham, general secretary of Unite, the UK's leading union, said, "This strategy must act as the foundation for building a successful green steel industry in the UK. Going forward the government must tackle excessive energy charges which make UK steel overly expensive, while introducing watertight rules to ensure the public sector always buys UK steel."
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