British Steel Business Plan

Lord Fox Excerpts

Monday 26th October 2026 Lords Chamber

[Lord Leong (Lab)]

My Lords, maintaining safe and reliable blast furnace operations is an immediate priority. However, decisions on major maintenance and necessary shutdowns will be guided by detailed engineering assessments and operational requirements. The new board is also assessing future steel-making technologies, including electric arc furnaces, as part of its transformation plan. No final investment decision has been announced. Our priority is to preserve sovereign steel-making capability while securing a commercially viable, competitive and sustainable future for British Steel.

[Lord Fox (LD)]

My Lords, the noble Lord is right to ask this Question because a huge amount of public money is going out to British Steel every day. It does not take a report or a plan to improve what the business is doing. Things can be done day to day. It is important for your Lordships to understand what is happening now and how it is happening. It would behove the Minister to put a detailed report before your Lordships’ House so that we can assess the progress and the thinking behind British Steel.

[Lord Leong (Lab)]

My Lords, the Government stepped in to preserve this strategic steel-making capacity, but taxpayer support cannot substitute for commercial viability indefinitely. Britain needs its own steel industry to support defence, manufacturing, infrastructure, economic security and skilled jobs. As I said previously, the new board under Alan Lovell must set out a credible plan to profitability, with clear investment priorities, operational improvements and measurable milestones, and we will publish his plan in due course.