Steel Safeguards

Jim Shannon Excerpts

Wednesday 29th June 2022 Commons Chamber

[Anne-Marie Trevelyan]

As I said, these safeguards, which will run for a further two years, are only temporary. They were brought in because, as we transitioned out of the EU, we brought across EU-wide protections, to ensure a fairer balance across a global industry in which there is over-capacity and in which some countries have followed unfair market practices. That has provided assurance, and it has given the industry time to rebalance and think about how it works, so that we manage the shift in imports and exports. As I said, I will continue to work with colleagues across Government to help to tackle the energy challenges we see today. The compensation scheme is obviously in place, and I know that colleagues are happy to discuss that in more detail.

[Jim Shannon (Strangford) (DUP)]

I thank the Secretary of State for her statement, which is very welcome. It is critical that our manufacturing base is retained, so does she not agree that, given the substantial increase in transport costs, which has seen containers treble in price, the time to help British steel is now? That being the case, will she fund investment in new factories and plants that are built with cutting-edge technology, so that we lessen environmental impacts while retaining the high-quality British steel that we are famed for in this great United Kingdom of Great Britain and Northern Ireland?

[Anne-Marie Trevelyan]

The hon. Gentleman is right, and we want to see those new, innovative solutions coming through across the UK, including in Northern Ireland, where we are seeing incredible growth in innovation in a number of areas—for example, in high-end engineering, where we continue to see real leadership as those innovative ideas come to fruition. He is absolutely right that the challenge of energy prices affects transport costs, as well as many other areas for businesses, and the whole Government are incredibly focused on finding support for business.