Fourth Report - Liberty Steel and the future of the UK steel Industry

The government agrees that complex corporate structures should not be a legal barrier to proper scrutiny of companies like the GFG Alliance, while noting it does not wish to restrict business structuring.

The government acknowledges that complex corporate structures should not hinder scrutiny but states it does not wish to restrict the ability of businesses to structure themselves, without committing to bringing forward amendments to the Companies Act.

The government acknowledges that complex corporate structures should not be a legal barrier to scrutiny but expresses a desire not to restrict business structuring, without committing to specific actions.

The government, via BEIS and the FRC, acknowledged the public interest in the issues of opaque funding at Liberty Steel, outlining the FRC's investigative remit and procedures for handling such cases, noting the specific entities are not usually within FRC's scope but can be reclaimed.

The government notes that the International Accounting Standards Board has proposed amendments to reporting supply chain finance, which the UK Endorsement Board and Financial Reporting Council will consider for adoption. The government also states it will continue to closely monitor Liberty Steel UK's restructuring and refinancing efforts.

The government welcomes the Committee's acknowledgment that BEIS acted properly and the British Business Bank operated independently, implicitly addressing the noted concerns about GFG Alliance and Wyelands Bank.

The government welcomes the Committee’s acknowledgment that BEIS acted properly and that the British Business Bank operated independently in the Greensill Capital accreditation process.

The government acknowledges the sector's decarbonisation plans, stating that the optimal route is a commercial decision for individual companies, and points to existing support mechanisms in the Net Zero Strategy.

The government states it is working with the steel sector to understand decarbonisation plans and highlights existing support through the Net Zero Strategy. It emphasizes that the optimal decarbonisation route is a commercial decision for companies, without committing to new specific actions to provide immediate certainty or direction.

The government states it is working with the sector to understand decarbonisation investment plans, noting that the optimal route is a commercial decision for companies, and points to existing support in the Net Zero Strategy for which the steel sector can bid, without committing to a specific hydrogen pilot.

The government acknowledged the pressures faced by businesses due to rising energy prices and stated that extensive engagement with industry continues, but did not commit to fundamental reform of energy pricing or a clear decarbonisation strategy.

The government acknowledged pressures from energy prices and noted ongoing engagement with industry but did not specifically commit to a broader, strategic approach to decarbonisation for the steel industry as suggested.

The government recognises the pressures on businesses due to energy prices and states that extensive engagement with industry is continuing across government.

The government recognizes the pressures on businesses and ongoing engagement with the industry but does not commit to establishing a new Sector Deal for the steel industry or providing a decarbonisation roadmap as recommended.