The British government has unveiled measures to reduce electricity costs for domestic steelmakers as part of its British Industry Supercharger package. The Network Charging Compensation (NCC) scheme will bring energy costs for steel companies closer to those in other major economies, providing over £15 million in relief for businesses in May alone.

Once fully implemented, the scheme is expected to deliver between £320 million and £410 million in reduced electricity prices in 2025, and more than £5 billion over the next decade. This initiative aims to enhance the competitiveness of the UK steel industry and support its transition to greener production methods.