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. Offshore wind farms will need close to 3.8 million tonnes of steel in the UK between 2025 and 2027, Newton said. That would be around a quarter of the country’s steel production.
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Potential spikes in steel prices could endanger offshore wind projectsTata Steel is planning to shut its furnaces in Port Talbot, Wales.
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