The GFG Alliance welcomed the decision of the UK government to finance the country's steel sector to help reduce emissions. The company announced that it will fully participate in the call for evidence of the design of the foundation.
According to Cornelius Lurence, CEO of Liberty Steel UK, the British steel industry can compete with global industry if it becomes a less carbon-intensive and more sustainable model. To do this, domestic industry must switch to energy-efficient electric arc furnaces (EAFs) instead of traditional blast furnaces. This will facilitate the internal processing of steel scrap, which is currently supplied to foreign countries.
The company noted that the UK consumes about 21 million tons of steel and metal products each year. Of this, nearly 80% are produced abroad and imported into the country.
The GFG Alliance recommends a thorough change in the above situation. The country should be able to produce enough steel to meet the needs of metal-intensive industries such as construction, automotive and aerospace. UK government funding will support private sector investment in the country's steel sector. This, in turn, will help make the industry fit for the future. In addition, funding can also create hundreds of jobs.
