Update on the UK Steel Industry
Debate between Baroness Neville-Rolfe and Lord Rowe-Beddoe
Baroness Neville-Rolfe
I thank my noble friend for his question and for writing to me about the role of the mutual, which I have passed on to the Ministers and officials responsible for this challenging area. We should be looking not only at opportunities for support but at the supply chain, and into the uses for steel at the higher end as well as the more-volume end of production.
Lord Rowe-Beddoe (CB)
My Lords, I am sure the Minister would like to amplify something I believe would be of interest to many noble Lords; namely, the possibility of co-investing with a buyer—I think that that was the term used. As I recall, some 10 days to two weeks ago, taking steel temporarily into state ownership was totally rejected. Can she amplify what co-investing would be?
Baroness Neville-Rolfe
As I said in repeating the Statement, we are ready to look at pretty much all the options. I think that the Secretary of State has made clear that he sees nationalisation as problematic, not least because all the most successful, leading steel operations across Europe are not nationalised. But we are keen to find a way through this so co-investment with an element of government support for a period, and indeed the sort of arrangement that we had in Scotland, where there has been some sort of interim cover, can be advantageous.