Tata Steel is planning to shut its furnaces in Port Talbot, Wales.
There is likely to be an explosion of demand for steel in the UK, and the potential price spikes that could follow could delay key projects, such as the expansion of offshore wind, a report has claimed.
Consultancy Newton said that if the UK turns to the international market while other countries are also trying to build steel-hungry wind farms, global prices could spike. “Analysis by Newton reveals that demand peaks have the potential to lead to price spikes, which may impact project delivery,” the consultancy said.
It is all in the mission to reach a Government target of building 50 gigawatts of offshore wind in UK waters by the end of the decade, which is up from around 14 GW today.
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