Over the last few decades, the UK steel sector has seen dramatic levels of decline, with crude steel production dropping by more than 50% in the last ten years alone.
This is due to a combination of global overcapacity and high operating costs. These factors have made it harder for the UK to remain competitive in the steel industry and in turn has led to a lack of investment in the industry.
However, this is now set to change, as on 19 March the government announced Steel Strategy, a new plan for £2.5bn to be invested into the UK steel industry.
This funding is an addition to the £420 million being allocated for Forgemasters and £50 million from the government being spent on Specialty Steels UK.
This funding will be used to benefit local steelworkers in Barnsley as a key area in the industry.
Maire Tidball, Labour MP for the constituency of Penistone and Stockbridge, was complimentary of the proposed strategy.
Tidball said: “This is a landmark moment for our steel industry.
“Steel made in our communities and across South Yorkshire once powered our nation.
“This strategy demonstrates the government’s clear commitment to British steel produced in South Yorkshire.
In a statement, Co-chair of the Steel Council, Jon Bolton, said: “This strategy is the first time I have been involved in an exercise to put in place a case for investment in the UK steel sector. While there is a long road to rebuilding a thriving sector, this strategy clearly demonstrates a case for investment.”
Overall the plan sets out a mission to return Britain to the world-leading steelmaking nation of the past, with the aim for up to 50% of steel used in Britain to be made in Britain.