British steel producers have paid a quarter of a billion pounds more than European rivals for electricity in the last five years, a report reveals today.
UK firms are forking out £54million extra for power than foreign competitors in 2020/21, according to the study by trade body UK Steel.
Its 21-page Closing the Gap report outlines the huge challenges facing the industry, with domestic firms spending 86% more on electricity than German mills and 62% more than French firms.
Calling on ministers to “finally tackle ... the uncompetitive electricity prices”, UK Steel says: “The UK’s energy intensive industries face some of the highest industrial electricity prices in the world. “This severely damages the steel sector’s competitiveness, as it is
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