Iron and Steel: Manufacturing Industries
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to help support steel businesses with (a) innovative and (b) low-carbon projects.
Answered by Chris McDonald
This Government has committed up to £2.5bn to the UK steel industry, which is being delivered in part through the National Wealth Fund (NWF). The NWF has £5.8bn to invest across clean energy and advanced manufacturing sectors, including steel, and is engaging with firms on opportunities aligned with its investment principles. This is in addition to £500m grant funding towards Tata’s overall £1.25bn Port Talbot transformation project, which will see the Port Talbot site transition to lower carbon Electric Arc Furnace steel making.
We have also supported innovation through our £22million in funding of the Material Processing Institute’s PRISM programme since 2020, and have recently consulted on proposals to deliver a framework of voluntary policies to grow demand for low carbon industrial products, with an initial focus on the steel, cement, and concrete products used in construction.
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