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<p>The ability of our steel industry to compete globally and across Europe is a priority
for this Government. We therefore provide electricity cost compensation and exemption
support to maintain the UK’s reputation as an attractive location for these businesses.</p><p>
</p><p>In 2017, the Department commissioned independent research identifying high
value opportunities for UK steel, worth up to £3.8 billion a year by 2030(1). To access
these opportunities, as well as match funding grants for R&D, significant investment
will need to be made by the sector.</p><p> </p><p>We have a number of funds available
to energy intensive industries, including steel, to help them increase energy efficiency
and transition to a low carbon future. These funds include the £315 million Industrial
Energy Transformation Fund, the Industrial Heat Recovery Support Programme and the
recently announced £250 million Clean Steel Fund.</p><p> </p><p> </p><p><em>1. Future
capacities and capabilities of the UK steel industry: <a href="https://www.gov.uk/government/publications/uk-steel-industry-future-market-opportunities"
target="_blank">https://www.gov.uk/government/publications/uk-steel-industry-future-market-opportunities</a></em></p>
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