Speciality Steel UK: Insolvency
Debate between Marie Tidball and Sarah Jones(1 day, 20 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sarah Jones
The right hon. Gentleman makes a good point. Of course, our energy prices are too high and it is difficult for companies to compete. We are taking action to address that, in the first instance by expanding the super-charger, which will make a significant difference to industries that use significant amounts of energy. We will also introduce an electricity scheme in 2027—it is a complex process and will take time to bring in—meaning that around 7,000 companies across the country will also have significant reductions in their energy costs. We are taking what we believe to be the right measures in our industrial strategy through those two interventions, to ensure that our energy costs come down and that we can be competitive among our European counterparts.
Dr Marie Tidball (Penistone and Stocksbridge) (Lab)
Liberty’s Speciality Steels UK has failed its highly skilled workers. This ongoing situation has been deeply concerning, so I am delighted that the Minister has offered her solidarity and the Government’s support for the incredible workforce at the site in South Yorkshire. It is hugely positive—and a great contrast with the 14 years of Conservative Government—that this Government have stepped in and appointed an official receiver to protect the 1,400-plus jobs at the two sites, including Stocksbridge Speciality Steels in my constituency. The Secretary of State has acknowledged in this Chamber the strategic significance of those sites to national security, and we must ensure that those businesses are supported in fulfilling their capability and have, as the Minister has recognised, a strong future. Will she take adequate time to find a responsible buyer with the right deal, and during that time will workers be kept in employment with salaries continuing to be paid, while efforts are made by her and the official receiver to resolve the outstanding pension issues?
Sarah Jones
My hon. Friend and I have spoken many times about this—she is such a champion for the industry, as are many colleagues. She is right to point to the importance to the country of the work at Stocksbridge. Of course, we will do what we need to do through the process of the official receiver to ensure that people get the salaries that they need. For the past couple of years, so many of those people have been on furlough—we want to turn that around. We believe that this viable industry is languishing unnecessarily. The Government will provide the right support through interventions such as our energy reduction measures, and work with the official receiver. I can tell her that multiple companies are interested and coming forward, and we need to establish how viable those offers are and what the best situation is. Of course, the official receiver must think of the best outcome for the creditors, but we take a close interest in that. My hon. Friend is right to point out the pensions issue. I know that there is uncertainty. The official receiver and Teneo are considering these issues now to see exactly what has and has not been paid so that we can unpick the pensions issue.
Oral Answers to Questions
Debate between Marie Tidball and Sarah Jones(6 months, 4 weeks ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Dr Marie Tidball (Penistone and Stocksbridge) (Lab)
The Minister of State, Department for Energy Security and Net Zero (Sarah Jones)
South Yorkshire has a proud history of steelmaking, as I saw for myself when I was at Sheffield Forgemasters last week. We saw a huge reduction in steel production in this country on the last Government’s watch, and we want to turn that around, which is why we are delivering a steel strategy. As ever, I would of course be delighted to meet my hon. Friend to talk about how we can make this work.
Oral Answers to Questions
Debate between Marie Tidball and Sarah Jones(8 months, 3 weeks ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Dr Marie Tidball (Penistone and Stocksbridge) (Lab)
The Minister for Industry (Sarah Jones)
The steel industry has been in decline, and we intend to turn this around. That is why we are developing a steel strategy, investing up to £2.5 billion and working at pace. The steel sector in South Yorkshire and across the UK has been neglected for too long, and we intend to change that.
Dr Tidball
Stocksbridge Speciality Steels in my constituency is a world-leading plant, with specialist capability to produce cleaner and stronger high-grade steel for our aerospace industry. The plant supports hundreds of jobs and has an exceptional on-site skills training centre, with links to local universities. Will the Secretary of State meet me to discuss the future strategic significance of Stocksbridge Speciality Steels and its fundamental importance to our national steel industry?
Sarah Jones
I thank my hon. Friend for her question, and for championing her constituency and its industries. She makes a very good point, and I recently met her to talk about this. This week, I met Community trade union representatives from the steel sector in her area as well. I am always happy to meet again to see what we can do.