London - Saba:
The British government has announced multi-billion pound plans to support the country's steel industry and secure its future.
The British "PA Media" agency reported that a review has been launched to examine long-term issues facing the sector such as high electricity costs, unfair trading practices, and scrap metal recycling.
In the face of US President Donald Trump’s plans to impose tariffs on products such as steel, the government said up to £2.5 billion ($3.15 billion) would be allocated to support the UK steel industry.
The aid would be available through the National Wealth Fund, which ministers said could benefit areas such as Scunthorpe, Rotherham, Rodcar, Yorkshire and Scotland.
The money would be spent on initiatives aimed at securing the long-term future of the steel industry, such as electric arc furnaces.
The announcement comes after the government approved the expansion of Heathrow Airport, which will require 400,000 tonnes of steel.
The UK steel industry has faced a number of challenges in recent years, including a shift to a greener production method at a huge plant in Port Talbot, south Wales, which has led to job losses.
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