Overview

• Labour Party leader, Sir Keir Starmer, has pledged to back the UK's steel industry rather than abandon it, promising to invest £3 billion in a future Labour government to protect and bolster UK steel production, especially in 'green steel'.
• The proposed funding comes in response to potential job cuts at British Steel's Scunthorpe plant and fears that attempts to transition Tata's Port Talbot plant to green energy could result in thousands of job losses.
• Starmer is expected to meet representatives from the three main steelworker unions - Community, GMB, and Unite - to discuss these plans and to collaborate on ways to keep the steel industry thriving and competitive while transitioning to cleaner, greener technologies.
• The Labour Party's proposed long-term investment plan aims to keep UK steel competitive, protect jobs, and reduce carbon emissions. The plan extends over a 10-year period, focusing on investing in new green technologies.
• While the current UK government has already committed to supporting green steel production with up to £500 million in funding for Tata's Port Talbot and is in talks with Jingye for transitioning British Steel, the Labour Party claims its plans will be more ambitious and focused on job preservation.