A committee of MPs has expressed concerns over the government's lack of a credible plan for British Steel, which was nationalized in July. The report highlights potential risks from new steel tariffs, warning that they could lead to business closures or relocations abroad, particularly affecting smaller firms.
The government's steel strategy aims for 50% of UK steel to be domestically produced but remains vague on timelines. The report emphasizes the need for a formal mechanism for steel companies to voice concerns regarding the tariff regime to mitigate rising costs and uncertainty for workers and the industry.