Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps his Department is taking to help support steel businesses with (a) innovative and (b) low-carbon projects.

This Government has committed up to £2.5bn to the UK steel industry, which is being delivered in part through the National Wealth Fund (NWF). The NWF has £5.8bn to invest across clean energy and advanced manufacturing sectors, including steel, and is engaging with firms on opportunities aligned with its investment principles. This is in addition to £500m grant funding towards Tata’s overall £1.25bn Port Talbot transformation project, which will see the Port Talbot site transition to lower carbon Electric Arc Furnace steel making.

We have also supported innovation through our £22million in funding of the Material Processing Institute’s PRISM programme since 2020, and have recently consulted on proposals to deliver a framework of voluntary policies to grow demand for low carbon industrial products, with an initial focus on the steel, cement, and concrete products used in construction.