British Steel

Lord Lamont of Lerwick Excerpts

Monday 20th July 2026 Lords Chamber

[Lord Leong (Lab)]

All will be revealed in due course. The noble Lord will know that we took control of British Steel on Thursday. As anyone will know, in any acquisition process there will be a nominal director who will be registered with Companies House until such time as a board of directors has been appointed. The Government are putting a new board in place that has commercial and industrial experience, which is very important: we need people with expertise running this. The priorities will be stabilising the operation, improving performance, protecting health and safety, developing a sustainable business plan, exploring private investment and ensuring that workers’ voices are central to the company’s future, including worker representation on the board.

[Lord Lamont of Lerwick (Con)]

My Lords, is not the decision by the Government to try to protect British Steel by imposing tariffs of up to 50% and reducing quotas down by 60% on imported steel a profound mistake? It harms steel processers and steel users. Let us not forget that steel users are much more numerous than are primary steel producers, and the steel processers and users of steel have to compete with foreign imported finished products. Is not what the Government have done a profound own goal?

[Lord Leong (Lab)]

No, it is not. Let us not forget that overcapacity and artificially cheap steel are why our steel industry is under such threat. Allowing cheap steel imports to enter the UK unchecked would only jeopardise domestic supply and the security of our UK supply chains for our critical infrastructure and defence. The measures put in place have been designed so that we will increase our domestic capacity, which is what the Government are trying to do.