‘New Deal for Steel’

With a new Prime Minister in office and sweeping changes to the Cabinet, UK Steel has produced a ‘policy priorities’ document that asks Government “to seize the opportunity to revitalise and accelerate the Industrial Strategy by putting in place the conditions for a strong manufacturing sector — whatever the outcome of Brexit”.

‘New Deal For Steel’ restates the industry’s commitment to innovation and investment in the UK, and it seeks to build a partnership to deliver a business environment that will allow the sector to grow and prosper.

It calls for six key actions from the Government.

These actions are: securing tariff-free access to EU markets for UK steel, critically avoiding the imposition of EU steel safeguards on UK exports; ensuring competitive electricity prices for UK steel producers, in line with those borne by our EU competitors; incentivising investment via business rates re-structuring, including the removal of plant and machinery from valuations; maximising the economic value to the UK of its public infrastructure investment by taking a strategic approach to the public procurement of steel; boosting UK steel R&D by using the £225 million in returned industry levies from the EU Research Fund for Coal and Steel; and working with industry to develop a more competitive climate-change and carbon-pricing policy.