UK steel stockholders were one of three manufacturing-related disciplines singled out for mention in the 2014 Budget speech by Chancellor of the Exchequer George Osborne.
In a section of his speech focusing on manufacturing, the Chancellor outlined compensation plans to help energy-intensive industries to cover the cost of energy and related carbon costs.
He explained the importance of these industries – including UK steelmaking – as well as the need to ensure these valuable sectors remain strong in the UK, rather than moving overseas.
“Our steel makers, chemical plants, paper mills and other heavy energy users make up 35% of our manufacturing exports and employ half a million people,” he said.
“This scheme helps the companies most at risk of leaving to remain in the UK.”
His words highlight how, in the 21st century, manufacturing is still a crucial component in the UK’s ever-changing economical landscape.
UK steel stockholders help to bridge the gap between manufacture and supply, providing an important service to make sure steel produced within the UK is available to those who need it across the country.