Iron and Steel: Foreign Investment in UK

Department for Business, Energy and Industrial Strategy written question – answered on 27th September 2021.

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Photo of Gill Furniss Gill Furniss Opposition Whip (Commons)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to encourage inward investment into the UK’s steel sector to aid the transition to net zero carbon emissions.

Photo of Lee Rowley Lee Rowley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Government Whip, Lord Commissioner of HM Treasury

The Government recognises the importance of the UK steel sector as a foundation industry and the role it plays in the supply chain for other important advanced manufacturing sectors in the UK, as well as for direct and indirect jobs across the country.

Decarbonising the sector is a core part of the Government’s plans to meet its stated carbon emission reduction targets, for supporting local economic growth and for our levelling up agenda.

The Steel Council was reconstituted in March 2021. This forum offers the Government and industry the opportunity to work towards creating an achievable, long-term plan to support the sector’s transition to a competitive, sustainable, and low carbon future.

The Government has announced a £250 million Clean Steel Fund to support the UK’s steel sector to transition to lower carbon iron and steel production, through new technologies and processes, placing the sector on a pathway consistent with the UK Climate Change Act. Our expectation is that the Fund will provide a proportion of the investment for projects, with the rest funded by industry.

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