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

Michelle Mone-linked PPE firm faces £122m high court...

June 11, 2025

Customers set to lose £11m after One Life...

January 9, 2023

Vodafone to cut 11,000 jobs in turnaround plan

May 16, 2023

Musk brings the kitchen sink – literally –...

October 27, 2022

Q&A with Senior Helpers Glen and Michelle Scharfeld

August 31, 2024

Where has your target market gone? How SMEs...

March 6, 2024

No US trade deal on the horizon, admits...

September 20, 2022

Italian Waiters bid arrivederci to London as Visa...

April 10, 2024

Britain to close for Queen’s funeral: Supermarkets announce...

September 13, 2022

Rolls-Royce boss says net zero is a pain...

October 7, 2022

    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

    • Trump closes out 30th week in office with ‘very warm’ high-stakes Putin meeting

      August 16, 2025
    • State Department stops issuing all visitor visas for individuals from Gaza

      August 16, 2025
    • Zelenskyy outlines peace demands before high-stakes White House meeting with Trump

      August 16, 2025
    • Putin backs Trump’s claim that the Ukraine war would not have happened if he’d won 2020 election

      August 16, 2025
    • ROBERT MAGINNIS: What comes next for US, Russia and Ukraine after Alaska summit

      August 16, 2025
    • Zelenskyy to meet with Trump in Washington, DC following US-Russia talks

      August 16, 2025

    Categories

    • Business (8,798)
    • Investing (2,217)
    • Politics (16,400)
    • Stocks (3,228)
    • 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