The GFG Alliance fully supported the UK government's decision to fund the country's steel sector to stimulate emission reductions. The company announced that it will be fully involved in sourcing data for the fund's projects.
According to Liberty Steel UK CEO Cornelius Lawrence, the UK steel industry can compete on an equal footing with the global industry if it is transformed into a less carbon-intensive and more sustainable model. For this, the domestic industry must switch to energy efficient electric arc furnaces (EAF) instead of traditional blast furnaces. This will facilitate the internal processing of scrap steel that is currently being supplied to foreign countries.
The company noted that the UK consumes about 21 million tonnes of steel and steel products each year. Almost 80 percent of this amount is produced abroad and imported into the country.
GFG Alliance recommends to radically change the above situation. The country must be able to produce enough steel to meet the needs of metal-intensive industries such as construction, automobiles and aerospace. Funding from the UK government will support private sector investment in the country's steel sector. This, in turn, will help make the industry fit for future development. In addition, funding will create hundreds of jobs.
