British Steel

Baroness Redfern Excerpts

Wednesday 24th July 2019 Lords Chamber

[Lord Henley]

My Lords, the noble and learned Lord is quite right to point out that the steel industry and various other industries have high costs relating to energy. That is why I mentioned the almost £300 million that we have offered to the steel sector to try to make energy costs more competitive. It can then look to the future as regards energy reduction, trying to produce the same amount of steel using less energy and—thinking of our zero-carbon targets for 2050—doing it in a greener manner.

[Baroness Redfern (Con)]

I thank the Minister for his response and for the work being done behind the scenes. Does he agree with me that the new Government need to continue the momentum around the national industrial strategy, and that the recovery of British Steel is a top priority, as it is one of the best companies in the world?

[Lord Henley]

I can agree with every word my noble friend says. The Industrial Strategy made it clear how we want to provide support in this area, and again, my right honourable friend made it clear that he hopes to see a steel sector deal in due course, in which the steel industry itself can show how it will invest in the future, supported by the Government.