UK Steel responds to announcement of Government and Tata Steel funding agreement
15 September 2023
Following the announcement that the Government and Tata Steel have agreed a funding package of up to £500m, UK Steel Director General, Gareth Stace, said:
“This is an important day for the UK steel sector. Government has confirmed its firm and bold commitment to the future of steelmaking here in the UK.
“The UK steel industry is committed to decarbonising by 2035. A year ago, the UK steel sector published an ambitious roadmap to Net Zero. Today we take a significant step to realising that vision.
“A Net Zero economy needs more steel, not less. For our steel sector to not only survive but actually thrive and deliver a massive boost to Net Zero Britain, we need a strong, long-term partnership between government and industry. Today’s announcement confirms that commitment.”
Contact details Louise Young, Campaigns and Engagement Manager, UK Steel 07388 370176 | Lyoung@makeuk.org
About UK Steel: UK Steel is the trade association for the UK steel industry. It represents all the country’s steelmakers and most downstream steel processors. The
UK steel sector:
- Produces 6Mt of crude steel a year, around 70% of the UK’s annual requirement (annual demand of 8.9Mt)
- Employs 39,800 people directly in the UK and supports a further 50,000 in supply chains
- The median steel sector salary is £39,637, 43% higher than the UK national median and 56% higher than the regional median in Wales, and Yorkshire & Humberside, where its jobs are concentrated
- Directly contributes £2.9 billion to UK GDP and supports a further £3.8 billion
- Directly contributes £4 billion to the UK’s balance of trade
- 96% of steel used in construction and infrastructure in the UK is recovered and recycled to be used again and again
For further information about the steel industry, please see the 2023 press pack or the 2023 UK Steel Key Statistics report.