Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Steel industry urges government to choose British in offshore wind expansion

by December 27, 2024
December 27, 2024
Steel industry urges government to choose British in offshore wind expansion

The UK steel industry is urging the government to commit to buying British steel as part of the country’s planned offshore wind power boom.

Wind energy now accounts for almost a third of the UK’s electricity generation, yet less than 2% of the steel used in offshore wind projects during the past five years has come from domestic mills, according to consultant Lumen Energy & Environment.

A new government steel strategy is expected this spring from business secretary Jonathan Reynolds, who aims to expand UK steel manufacturing capacity and capability against a backdrop of costly decarbonisation pressures. Gareth Stace, chief executive of industry body UK Steel, argues that prioritising British-produced steel for the UK’s rapidly growing offshore wind sector would strengthen domestic supply chains and deliver wider economic benefits.

Demand for UK windfarm steel is forecast to top 1m tonnes per year on average from 2026 to 2050, peaking at more than 2m tonnes—a marked leap from the 300,000 tonnes currently used annually. Most future demand, however, will be for plate steel, which is not produced at scale in Britain. Industry leaders say investment in new facilities hinges on government policies that favour local manufacturing over imports.

Stace contends that this approach would help reverse the sector’s decline and encourage steelmakers to invest, while also recognising the value of keeping such large-scale spending within the UK. He has called on ministers to regard British steel “by default” in public procurement decisions.

Government efforts to bolster domestic steel include a £2.5bn support package, some of which has been earmarked for projects such as replacing traditional blast furnaces with electric arc furnaces at plants in Port Talbot and Scunthorpe. Nevertheless, factories assembling turbine components in Newcastle and building monopiles in Teesside still rely on imported steel plate, highlighting the importance of a cohesive industrial strategy that boosts UK capacity.

Read more:
Steel industry urges government to choose British in offshore wind expansion

0
FacebookTwitterGoogle +Pinterest
previous post
Iran regime under ‘immense pressure’ amid incoming Trump admin policies, regional losses, economic woes
next post
Over 4,000 Brits tucked into their tax return on Christmas Day

You may also like

Rachel Reeves urges end to remote working in...

September 23, 2024

The Transformative Impact of AI Across Key Sectors

September 22, 2023

Bank of London under investigation by PRA amid...

May 15, 2025

Half of UK company directors struck off linked...

July 17, 2023

Surge in parcel deliveries set to deliver 5,000...

August 21, 2023

Lloyds sets aside £450m for car finance regulator...

February 22, 2024

Igne goes live – merging six brands into...

October 2, 2023

Government to unveil crackdown on climate activism and...

October 17, 2022

Richard Branson’s rocket firm Virgin Orbit files for...

April 4, 2023

South East leads in bank loans to small...

October 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Netflix accused of copying show idea by ‘Queen of bling’ Celia Sawyer

      May 30, 2025
    • Reform UK becomes first British political party to accept Bitcoin donations, says Farage

      May 30, 2025
    • UK business confidence jumps to nine-month high as trade tensions ease

      May 30, 2025
    • Bailey urges Starmer to deepen EU ties to soften Brexit blow and counter Trump tariffs

      May 30, 2025
    • Royal family’s wine merchant to open first US store in Washington

      May 30, 2025
    • Starlink set to expand UK footprint as Ofcom greenlights new spectrum licences

      May 30, 2025

    Categories

    • Business (8,104)
    • Investing (1,996)
    • Politics (15,434)
    • Stocks (3,115)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved