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The UK government has reaffirmed its commitment to supporting British Steel while confirming that its long-awaited national steel strategy will now be published in early 2026. Under the Steel Industry (Special Measures) Act 2025, ministers will continue to provide financial backing and direct oversight to ensure the safe and continuous operation of British Steel’s blast furnaces at Scunthorpe.
To date, the government has provided about £274 million in working capital from existing departmental budgets. These funds have been used to procure raw materials, pay employee salaries and clear outstanding bills, including payments owed to SMEs in the supply chain. The expenditure will be reflected in the Department for Business and Trade’s accounts for the 2025–26 financial year.
Alongside ongoing support for British Steel, ministers confirmed that a comprehensive UK steel strategy will be unveiled in 2026. A robust trade policy will be one of its core pillars, focused on defending the domestic industry from unfair trade practices, tackling global overcapacity and preparing for the expiry of existing UK steel safeguard measures in 2026. The aim is to maintain primary steelmaking capacity while setting a long-term framework for investment, decarbonisation and supply security.
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