US Steel Import Tariffs

Debate between Lord West of Spithead and Baroness Gustafsson

Thursday 13th February 2025 Lords Chamber

[Baroness Gustafsson (Lab)]

I acknowledge that electricity and power costs within the UK are higher. In my role, as I think about investment, that is something that we need to make sure we understand and grapple with as we support stronger investment in the UK overall. With regard to the steel industry specifically, there are initiatives and schemes for high-intensity energy consumers within the UK that are valuable assets, such as the steel industry, to support them with those energy costs. However, while I acknowledge that that support is specific to the steel industry, wider UK industry as a whole really needs to understand what we can do to grapple with energy costs. On that, significant investment is under way to increase the supply of energy within the UK and the transition into cleaner energy environments. A lot of work and investment have gone into that as part of the green energy transition.

[Lord West of Spithead (Lab)]

My Lords, the steel industry is a strategic asset for the country. The Minister stressed the importance of our link with America, but it is important that the Americans understand that if they are saying that Europe is going to be responsible for its own defence without much American support then the strategic and sovereign capabilities in a number of areas such as steel become even more important. That message needs to be put across.