UK Steel - Spring Budget Submission

January 2024

The UK steel sector has been operating in an uncompetitive business environment marked by persistently high electricity prices. Combined with the unprecedented growth in steel produced in developing economies fuelled by state subsidies, it has become increasingly difficult to compete in a global market for steel riddled with distortions and excess steelmaking capacity. The landscape remains challenging for the UK steel sector amid a weak economic climate and lack of a clear operating framework that will ensure a competitive business landscape and a level playing field with our competitors.

In this submission, we call for the Spring Budget to include policies which enable the UK steel industry not only to survive but actually thrive in an increasingly competitive international environment, continuing its key contribution to levelling up our regions and nations, providing security of supply for a strategically important product, and decarbonising in line with our domestic and international responsibilities.