UK Steel Submits Proposals to Boost Steel Sector Growth

SEATTLE (Scrap Monster): The UK steel industry has put several demands before British Prime Minister Boris Johnson, which are mainly aimed at reviving the region’s steel sector prospects. The demands were submitted by industry trade body UK Steel during the recently held meeting.

The trade body demanded tariff free access to EU markets for British metals. According to UK Steel, this will help avoid UK firms from being hammered with extra costs. Further, the trade body called for easing of electricity costs, so as to enable the domestic plants to compete with their European rivals.

The manifesto produced by UK Steel titled “A New Deal for Steel: Laying the Foundations for a Vibrant UK Steel Industry”  says that the steel sector in the country is ready to commit to additional capital investment of GBP 100 million per annum and GBP 50 million in new R&D projects over the period of next five years. The manifesto provides detailed steps to provide right business environment to achieve the projected growth from investments.

Gareth Stace, Director, UK Steel noted that the government should take necessary decisions favorable to the sector, at least on big ticket government contracts. He called for increased backing and support by government towards development of a strong and sustainable steel industry in the country.