UK Steel Group Demands Immediate Anti-Crisis Action

UK Steel Group has warned that it may be forced to close steel mills in the absence of substantial government assistance.

UK Steel, the group representing the steel sector to the government, has called on the government to help the industry overcome the crisis caused by soaring energy prices. Welcoming the government's efforts to help the sector, he demanded clear details on plans to bail out the sector. A lobby group has warned that it may be forced to close steel mills in the absence of substantial government assistance.

There were disagreements between the Treasury Department and Kwasi Quarteng, the secretary of state for business, energy and industrial strategy over offering financial support to energy-intensive industries such as the steel industry. The Treasury is opposed to the idea of ​​bailing out such industries, while Kwarteng is believed to have proposed the idea of ​​providing short-term loans or guarantees to support the weak sector.

Industry officials, meanwhile, said the lending plan alone would not help the sector. He called on the government to announce the best proposals that will put British steelmakers on a level playing field in terms of energy costs compared to other European counterparts. The government needs to immediately address the long-term problem of rising energy costs for UK steel producers.