UK STEEL leaders have come together with the government to develop a Steel Council to revitalise the “vital” industry.
The government has committed £2.5bn (US$3.1bn) to rebuilding the industry and is leading the council alongside Teesside-based research organisation the Materials Processing Institute.
Steel decline
Once a cornerstone of the British economy, the UK steel industry employed around 320,000 people in the early 1970s, a far cry from the current figure of 33,700.
A switch to electrified steelmaking, while a positive step for the UK’s decarbonisation plans, has made jobs even sparser for the likes of Tata Steel workers.
The Council, which also includes the CEOs of Tata and British Steel, as well as long-established UK steelmakers Sheffield Forgemasters, plan to “meet regularly” to develop a Steel Strategy that will boost production and global competitiveness in the sector and safeguard steel communities and jobs.
Jon Bolton, chairman of the Materials Processing Institute, said: “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 £2.5 billion of support.”
The first meeting of the Steel Council will be held today, with the Steel Strategy expected to launch at the end of Q1.