Today is a landmark day for our steel industry, which has only been made possible because we have a Labour government.

Steel is vital for our infrastructure, defence sector, our national security, and for jobs. Our railways, our electricity network, our buildings all contain steel. It supports 40,000 decent jobs across the country, including right here in South Yorkshire.

Backed by up to £2.5 billion in funding made available through the National Wealth Fund, Labour’s Steel Strategy sets out this government’s long-term plan to get steel back on its feet and boost domestic production to meet 50 percent of the UK’s demand.

To support our steel industry, from 1st July 2026, overall quota levels for steel imports will be significantly reduced by 60% compared to current arrangements, and steel coming into the UK above these levels will be subject to a 50% tariff. This will be a vital step in protecting UK steel production in the face of global steel overcapacity.

Further to this, the new Steel Strategy includes backing the Official Receiver with the funding needed to run a sales process for Speciality Steel UK’s sites, protecting jobs in Rotherham and Stocksbridge in the interim. In Sheffield, we are expanding our investment in Sheffield Forgemasters by £420 million.

The last government failed to act, and this put our steel industry at risk. They didn’t have a coherent plan, they refused to invest, and they failed to protect our steel firms from imports.

Only Labour backs British-made steel.

The new Steel Strategy also commits to:

  • Confirm electric arc furnaces (EAF) as the future of British steelmaking, continuing the shift from blast furnaces to cleaner, EAF-based production using recycled scrap to support net zero.
  • Enable offshore wind developers to include steel manufacturers in the next round of Clean Industry Bonus applications (launching this year) to maximise UK steel use in renewables.
  • Launch a cross-government working group to ensure a sustainable supply of scrap metal for UK steelmakers.
  • Task the Steel Council with action on workforce needs and practical research and innovation to boost productivity and competitiveness.