The UK-based trade association UK Steel has identified four priorities for the autumn budget as it seeks government support to strengthen domestic steel production and reduce the country's heavy reliance on steel imports.
The association is calling for action on industrial electricity prices, investment in steel, the British Carbon Emissions Regulation Mechanism (CBAM) and domestic recycling of steel scrap. According to UK Steel, these measures can help restore the country's industrial base, while allowing domestic producers to receive a greater share of infrastructure and production demand in the future.
Currently, British steelmakers supply only 30% of the steel consumed in the country, while imports account for about 70%. The government has set a goal to increase the share of the domestic steel industry in the market to 50 percent, making an increase in local production a key factor in the main directions of the UK autumn budget proposals. Steel.
Competitive electricity prices are key for the steel industry Великобритании
Reducing energy costs is the first of UK Steel's four autumn budget priorities. The Association is calling for the introduction of a scheme to balance wholesale electricity prices, designed to increase the competitiveness of British steel companies.
UK Steel believes that competitive prices for industrial electricity are needed to improve the conditions in which domestic steel producers operate, as the government seeks to increase the industry's share of British steel demand.
UK Steel seeks access to investment commitments of 2.5 billion pounds стерлингов
UK Steel's second proposal is to create a dedicated investment fund for the steel industry, which would free up existing government commitments of 2.5 billion pounds for the steel industry. According to the association, the funds received will be used to support investments in new steelmaking plants, productivity improvement and decarbonization.
The increased investment capacity is part of UK Steel's broader efforts to enable domestic producers to supply a greater proportion of the steel needed for future infrastructure and manufacturing projects in the UK.
British CBAM should support domestic production стали
The association's third autumn budget prioritizes strengthening the UK's CBAM. UK Steel said the carbon cap mechanism should be structured in a way that supports domestic steel production and investment, rather than creating conditions that could undermine их.
Therefore, the association wants the government to ensured that the implementation of CBAM in the UK meets its broader goals of increasing the share of domestic industry in рынке.
Investments in also required recycling of steel scrap on the domestic рынке
The fourth proposal concerns the internal supply chain of scrap steel to the UK. UK Steel is calling for incentives to encourage investment in domestic steel scrap processing, which would help steelmakers obtain the high-quality scrap they increasingly need at competitive prices.
According to the association, improving access to recycled scrap will become increasingly important for the future needs of the British steel industry.
The UK's steel production targets are to eliminate 70% dependence on импорта
UK Steel stated that its autumn budget proposals go beyond directly supporting steel companies, arguing that strengthening the domestic industry will help attract investment, create highly skilled jobs, strengthen supply chains and economic growth across the country..
With imports currently satisfying about 70%, the Association believes that an appropriate policy framework can allow domestic steelmakers to produce a significantly larger share of products meeting the country's needs and strive for the 50% share of the domestic market claimed by the government.
UK Steel named steel as one of the pillars of its operations. on the proposed reindustrialization of the country, highlighting the role that domestic production could play in maintaining the increased value created by future investments in infrastructure and manufacturing in the UK.
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