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<p>We are working with the sector, the unions and devolved administrations to support
the UK steel industry to develop a long-term sustainable solution for the UK steel
industry. The Department commissioned independent research to identify high value
opportunities for UK steel, worth up to £3.8 billion a year by 2030.</p><p> </p><p>In
the 2018 Budget, my rt. hon. Friend Mr Chancellor of the Exchequer announced an Industrial
Energy Transformation Fund with investment of £315 million to help businesses with
high energy use to cut their bills and transition UK industry to a low carbon future.
Through the Industrial Strategy Challenge Fund, we are also providing up to £66 million,
subject to industry co-funding, to transform foundation industries which includes
steel, to develop radical new technologies and establish innovation centres of excellence
in these sectors.</p>
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