Government 'Determined' to Secure 'Competitive Future' for UK Steel Industry

In a statement given on 17th September, a spokesperson representing the UK Department for Business, Energy & Industrial Strategy (BEIS) said that the government is determined to secure a competitive future for the steel industry in the UK.

The statement referred to the current skyrocketing of energy prices and said that the government intends to boost the renewable energy sector. Ongoing efforts to support the steel sector will continue, according to the spokesperson.

The BEIS statement was emailed to S&P Global Platts after the Energy Intensive Users Group (EIUG) called for the government to immediately set out plans that would safeguard the UK's steel and other heavy industries as energy costs continue to rise.

In addition to urging governments to act to ensure the security of energy supplies to heavy industries throughout the coming winter, EIUG made a statement to Ofgem (the regulator of the UK's energy market) calling for 'an immediate assessment of the appropriateness of both current market and emergency arrangements'. In this statement, EIUG also demanded that the BEIS direct Ofgem to utilise its powers to 'address the disparity between UK industrial energy prices and those of near competitors'.

According to the statement from BEIS, the UK government has provided over £600million of relief to the steel sector since 2013. The government's £250million Clean Steel Fund, announced in 2019, exists to support decarbonisation in the steel sector, facilitating a transition to new low-carbon processes and technology. Details of a steel pipeline on national infrastructure were published, with the estimate that around 5 million Mt of steel would be required over the coming ten years.

The market for stainless steel is currently more turbulent than it has ever been, with record-breaking prices and unprecedented demand worldwide. Throughout these uncertain times, BS Stainless will continue with our dedication to providing the very best stainless steel materials and components at the most competitive price possible.

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