News Industry Great Britain 1099 09 January 2025
Council established to advise on future strategy for the industry
The UK government has set up a new Steel Industry Council to advise on the recovery of the steel industry and develop a future strategy for the sector.
According to a statement, the Council is made up of steel sector leaders such as the CEOs of Tata Steel and British Steel, industry experts, trade unions, trade associations and devolved governments. It was headed by Jonathan Reynolds, Secretary of State for Business and Trade, and John Bolton, Chairman of the Materials Processing Institute. The first meeting was held on January 7.
“The secure future of the steel industry is vital to both UK national security and the growth that is at the heart of the government’s change plan, and with the launch of the Council, the government is taking another important step towards protecting the industry for the long term,” the statement said.
The Council will meet regularly as the government prepares to launch its Steel Strategy, which will be unveiled this spring, and seeks to ensure that economic growth and the workforce are at the heart of the future plan.
According to Jonathan Reynolds, the industry and steelworkers are tired of being bounced around from crisis to crisis, and this government will take the steps necessary to put the industry on a sound footing for the long term.
“With the establishment of the Council, we are putting workers and local communities at the heart of our plans as we bring in up to £2.5 billion of investment to drive growth across the country,” the minister added.
Reynolds believes that a vibrant steel sector is critical to economic growth and national security, and the strategy will reflect the views of industry across the country to deliver the change agenda and improve economic stability.
Gareth Stace, CEO of UK Steel, said that the upcoming strategy is a unique opportunity for the industry to create a competitive business environment that encourages long-term investment and ensures that steel production remains at the heart of the country’s economy.
John Bolton, who became the Council’s co-chair, believes that the UK has all the necessary elements to attract investment in the steel industry: demand, skills, technology, research and development, and government support.
“I believe that the Council’s task is to develop a strategy that details the key elements of this investment plan and draw up a roadmap for a rejuvenated, competitive and environmentally progressive industry,” he said.
As noted, the Council will continue to meet regularly following the publication of the Steel Industry Strategy to help attract investment in steel communities across the country.
In December 2024, the Secretary of State for Business reaffirmed the government’s commitment to supporting the steel industry during a thematic parliamentary summit. In his speech, Reynolds emphasized the importance of steel for the modern economy, noting that the country lags far behind other G7 countries in terms of efficiency in this area. He emphasized that the government is determined to change the situation by investing in new technologies and low-carbon production processes.
