The government announced yesterday (7 January) that it has formed a new Steel Council, which will advise on “rebuilding the industry” in the UK.
The body will convene figures from across Britain’s steel industry to contribute to the upcoming ‘Steel Strategy’, including chairman of the Materials Processing Institute, Jon Bolton.
The first meeting of the council, held yesterday, was co-chaired by Bolton alongside business and trade secretary Jonathan Reynolds.
Industry representation
Other figures from the steel sector are involved, including the heads of Tata Steel and British Steel, as well as a range of “trade union leaders, industry experts, devolved government representatives and trade associations”. This will help the government to “address the challenges” faced by those in the industry and to secure its future in the country, it says.
“A secure future for the steel industry is vital to both the UK’s national security and delivering growth,” the government has said, adding that, “with the launch of the council the government is taking another important step towards safeguarding the sector for the long term”.
Investment
Reynolds said of the announcement:
“With the launch of the Steel Council we’re placing workers and local communities at the heart of our plans as we bring forward up to £2.5bn of investment to secure growth right across the country.
“A vibrant steel sector is crucial for economic growth and our national security, and by reflecting views from industry across the UK as we bring forward our Steel Strategy we’re delivering on the Plan for Change and boosting economic stability.”
Director general of British Steel Gareth Stace called the planned Steel Strategy a “once-in-a-generation opportunity to foster a competitive business environment” that would better encourage “long-term investment”.
‘Many challenges’
Bolton, meanwhile, made it clear that “this sector has faced many challenges” over the course of his 40-year career.
“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 £2.5bn of support.
“I see the council’s task being to develop a strategy that details the core elements of that investment plan and to establish a roadmap towards a rejuvenated, competitive and environmentally progressive industry.”