British steelmakers are being backed by the Government as the Business Secretary launches the Plan for Steel Consultation. This will look at the long-term issues facing the industry like high electricity costs, unfair trading practices, and scrap metal recycling – to protect jobs and living standards in the UK’s industrial heartlands. Up to EUR 2.5B will be put towards supporting the steel industry, as per the manifesto commitment, including via the National Wealth Fund. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).
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