Episode 9: Gareth Stace, CEO of UK Steel

Money Talks with Liam Halligan

This episode features Gareth Stace, the CEO of UK Steel – the trade body for the British-based steel industry, which still employs more than 30 thousand people.

For years, fierce international competition and high domestic costs has seen UK steel plants struggle to be competitive in a global market. Now, the coronavirus pandemic, and an increased focus on steel decarbonisation, are bringing the government’s strategy towards the sector into sharp focus.

In 2019, the UK produced 7 million tonnes of steel. China produced 142 times more. Energy costs, of course, are also key – for steelmakers and manufacturers in general – who tend to be heavy energy users. And, unlike for households, there is no energy price cap for firms.

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