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Keir Starmer has pledged to put the government’s “full weight” behind the UK steel industry after Donald Trump’s tariffs threat.
Up to £2.5 billion will be put towards supporting the sector after the US president triggered panic last Monday over the future of the fragile industry in the UK when he announced a worldwide 25 per cent tariff on steel imports.
Business secretary Jonathan Reynolds said: “We are putting the full weight of Whitehall behind the industry… this government has committed up to £2.5 billion to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.”
Help will be available through the National Wealth Fund, which ministers said could benefit regions including Scunthorpe, Rotherham, Redcar, Yorkshire and Scotland.
A consultation has been launched to look at long-term problems facing the industry, including high electricity costs and scrap metal recycling.
The announcement follows the Rachel Reeves’ decision to support a third runway at Heathrow, which will require 400,000 tonnes of steel.
The steel industry has struggled in recent years, including jobs lost at a huge plant in Port Talbot, South Wales, because of a switch to a greener method of production.
Gareth Stace, director general of UK Steel, said: “The government’s commitment to our steel sector is both vital and welcome. A robust, bold, and ambitious steel strategy has the power to reverse the sector’s decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions.
“By setting out a clear business plan and roadmap for investment, the government can secure a brighter future for our industry, safeguard jobs, and support steelworkers and their families.”
Unions also welcomed the announcement.
Andy Prendergast, GMB national secretary, said: “After years of dithering, today’s plan provides desperately needed funding for our once proud, now beleaguered steel industry.
“As the world becomes more volatile, primary domestic steel making capacity is vital for both our economy and domestic security.”
Unite general secretary Sharon Graham said: “The launching of the steel strategy is a critical landmark for a foundation industry, whose success is essential to the wellbeing of our economy and our national security.
“It is the first time in decades that a government has made a positive commitment to invest in the UK steel industry.”
But she added: “It is essential that all such investment is clearly linked to rock solid job guarantees.” Mr Trump has hailed his steel tariffs and claimed they are “the beginning of making America rich again”.
On Monday night Rachel Reeves said she and Sir Keir would argue for an exemption from the tariffs for the UK.
She said “there is a deal to be done”, adding that “unlike many other countries around the world, we don’t run a trade surplus with the US”.
But the UK government is not minded to retaliate with its own tariffs, in contrast to the EU.
