Britain invests more than $ 3 billion in the steel industry

In the UK, the government has submitted a new plan for protecting jobs in the country’s steel industry amid the introduction of US President Donald Trump 25% of tariffs for importing steel and aluminum from in all countries. This was reported by Bloomberg with a reference to the statement of business minister Jonathan Reynolds.

According to him, the British government confirmed the obligation to invest 2.5 billion pounds (about $ 3.15 billion) in support of the steel industry. It is noted that the funds will slightly retreat from the new British fund of national welfare.

Through this plan, lawmakers expect to stop the collapse of the industry, which has suffered from rising energy prices, competition from overseas and investment collapse. The money will be spent improving, such as better electric arc stoves designed to help British manufacturers better compete.

It was noted that the new British Steel Plan emerged after the Chancellor of Treasury Rachel Reeves supported the construction plan for the third path at the Gitrou Airport, which would require 400 thousand tonnes of steel.

The new plan aims to expand steel in the UK, protection against impractical trade skills abroad and improving scrap metal processing capacities. He also encourages the use of British Steel in state projects.

Remember, US President Donald Trump announced on February 10 the introduction of 25% of duties for full imports of iron and aluminum in the United States, without exception, and benefits.