Iron and Steel: Finance
The question
To ask the Secretary of State for Business and Trade, with reference to his Department's press release entitled Business Secretary fortifies UK steel industry, published on 16 February 2026, how much of the £2.5 billion fund has been (a) allocated and (b) released.
Answered by Chris McDonald
The government is committed to providing up to £2.5 billon to support the UK steel industry, which is being delivered in part through the NWF and in part through direct support for companies. This is in addition to the £500 million investment for Tata Steel in Port Talbot, bringing the total investment in the steel industry to up to £3 billion.
Funding for the sector is already being released through direct support for companies. This includes the grant to Tata Steel at Port Talbot, support for the Official Receiver’s sale process for Speciality Steels UK sites including Rotherham and Stocksbridge, and in securing the capabilities of British Steel at Scunthorpe. To date, funding of approximately £370 million has been provided to British Steel.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →