GFG Alliance Welcomes Britain’s Steel Sector Funding Initiative

The company announced that it will participate fully in the call for evidence on the fund’s design.

SEATTLE (Scrap Monster): GFG Alliance welcomed UK Government’s decision to fund the country’s steel sector to promote emission reductions. The company announced that it will participate fully in the call for evidence on the fund’s design.

According to Cornelius Louwrens CEO of Liberty Steel UK, the Britain’s steel industry could compete with global industry, provided it transforms itself into less carbon intensive and more sustainable model. For this, the domestic industry should switch to energy-efficient electric arc furnaces (EAFs) instead of the traditional blast furnaces. This will boost domestic recycling of steel scrap, which currently are shipped to overseas countries.

The company noted that Britain consumes approximately 21 million tonnes of steel and steel products every year. Out of this nearly 80% are manufactured overseas and imported into the country.

GFG Alliance recommends thorough change to the above situation. The country should be capable of producing sufficient steel to satisfy the requirement of steel-intensive sectors such as construction, automotive and aerospace. The funding by the UK government will bolster private sector investments in the country’s steel sector. This in turn would help to make the industry fit for the future. In addition, the funding could also lead to create of hundreds of jobs.

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