London [UK], February 16: The UK Government has announced multibillion-pound plans to boost the UK steel industry and help secure its future.
A consultation was launched aimed at looking at long-term issues facing the sector such as high electricity costs, unfair trading practices, and scrap metal recycling.
The Government said up to £2.5 billion will be put towards supporting the UK steel industry. Help will be available through the National Wealth Fund which ministers said could benefit regions including Scunthorpe, Rotherham, Redcar, Yorkshire and Scotland.
Funds will be spent on initiatives aimed at giving steel a long future such as electric arc furnaces.
The announcement follows the Government's go ahead for expansion at Heathrow Airport which will require 400,000 tonnes of steel.
The industry has faced a number of challenges in recent years, including a switch to a greener method of production at the huge plant in Port Talbot, South Wales, with the loss of jobs.
Source: Emirates News Agency
