The Trade Unions Congress (TUC) in the UK is pushing the national government to invest capital into the steel sector to prevent it from plummeting any further.
In TUC’s news release, a spokesperson said the UK steel industry faces two major obstacles—high energy costs and green taxes, which are in line with Britain’s net zero emissions commitment in 2050. These issues have hindered offshore investments into the region.
Consequently, the only bailout can come from government funding, the union stated. TUC cited Orb Steelworks as a lost opportunity; the site was shut down by Tata Steel after Christmas. The unions said that an investment of £20-40m ($26-52mn) could have saved the only electric-arc furnace enabled steel mill in the UK.
TUC noted that the only UK steelmaker embracing green steel is Liberty Steel, and that the government needs to support the firm economically in order for it to flourish.
Port Talbot, a Tata Steel plant, which is currently at risk of shutting down after the government declined to bail it out, is also considered a prized asset by TUC. It has deep ports that enable large export shipments of British steel, and which can be produced in South Wales. Liberty Steel recently offered to acquire this plant from Tata.