My Lords, with the leave of the House, I shall now repeat in the form of a Statement the Answer given earlier today in another place to an Urgent Question, which asked my right honourable friend the Secretary of State for Business, Energy and Industrial Strategy whether he will make a Statement on the discussions he has held with British Steel regarding its future. The Statement is as follows:
“As the business department, my department is in regular conversation with a wide range of companies, including those in the steel industry. As the House will be aware, on
The speculation regarding the future of British Steel will no doubt be creating uncertainty for those employed by the company. As shown through the ETS agreement, the Government have been willing to act. We have been in ongoing discussions with the company and I am sure the House will understand that we cannot comment in detail at this stage. We will, however, update the House when there is more information available. I can, however, reassure the House that, subject to strict legal bounds, the Government will leave no stone unturned in their support of the steel industry. Yesterday I signed up to the UK steel charter. We want to acknowledge and support this initiative from industry and the charter is one element of that. We have been also been encouraging the UK steel sector to strengthen its engagement with all existing and potential domestic steel consumers, maximising opportunities to benefit from the £3.8 billion a year by 2030 high market-value opportunities that we have identified.
We recognise that global economic conditions continue to be challenging for the industry, which is why the Government are working with the sector, unions and the devolved Administrations to support a sustainable, productive and modern UK steel sector”.
My Lords, that concludes the Statement.