Trade association UK Steel has published a new election manifesto calling for policies to level the playing field and boost the competitiveness of the UK’s steel industry, Kallanish notes.
“Steel must be the backbone of a strong and successful British economy. Our industry is critical to our nation’s future, and we should not be importing nearly 70% of the steel we use in the UK from abroad,” UK Steel director general Gareth Stace says with the UK general election only weeks away.
“Our nation’s steel sector is a significant economic keystone. We fed in £1.8 billion [$2.29 billion] to the UK economy and an added £2.4 billion through supply chains, as well as £3.4 billion to the UK’s balance of trade,” he adds.
While in its manifesto before the UK’s 2019 general election it named six key measures, the association has now outlined seven key policy pillars. These include ensuring competitive electricity prices – parity with competitors on network charges and wholesale electricity market reform. Steel scrap competitiveness and recycling capability are also key. The third pillar is decarbonisation through government-industry partnership, employing matched investment and a wider enabling environment.
Investment in innovation to become a global leader in green steelmaking will also be key. As will the UK implementing CBAM by 2026 rather than 2027, ensuring robust trade defence, and leveraging the power of public procurement, with over 10% of steel demand in the UK each year accounted for by public projects, UK Steel notes.
The UK general election will take place on 4 July, with the opposition Labour Party ahead in the polls.
Adam Smith Poland
