Labour party announced its intent to revitalise the UK’s steel sector with GBP1bn ($1.31bn) investment in steel recycling. The party’s plan involves the creation of new steel recycling plants in Cumbria, Teeside and Northants.
Ahead of UK’s general election, Britain’s Labour party pledged to implement a comprehensive strategy for the domestic steel industry, which includes slash in electricity prices for the industry, limiting scrap exports from UK to help local industry and better transport infrastructure. With this, Labour aims to create 3,300 steel sector jobs. Labour party’s left-leaning leader Jeremy Corbyn, is a strong contender to the prime minister’s post.
Tata Steel confirmed to cut 1,000 jobs in UK as a part of cost reduction plans citing weak steel demand in the regions. The job cuts were made in an attempt to boost sales and cut costs. In less than two weeks, the Labour party has come up with plans to revitalize the steel sector deeming it extremely important for the country’s economic output.
(1 GBP = $1.31507)