(Reuters) Britain will have £3.8bn a year of business opportunities for steelmakers by 2030, according to an independent study commissioned by the government.
The government, which has come under pressure to protect vulnerable industrial sectors from the effects of Brexit, also said it plans to use 3 million tonnes of UK steel in infrastructure projects in the next five years.
“Through our modern industrial strategy, the government has been clear that we will do everything we can to support our steel industry,” said Claire Perry, the minister for climate change and industrial policy, in a statement.
The government last month launched an industrial strategy aimed at intervening in key sectors to tackle weak productivity and bolster businesses, hoping to counter any problems caused by the country’s planned exit from the European Union.
Prime Minister Theresa May first flagged the plan in January, seven months after Britain voted to leave the EU, adopting a hands-on approach to business that had largely been abandoned by her predecessors.
UK Steel, an industry association, said: “This report shows once and for all that there can be a positive future here for our steel producers, if the right measures are put in place.”