UK steelmakers hit by widest electricity cost gap in three years

Iran's closure of the Strait of Hormuz has widened the electricity cost gap for UK steelmakers against French rivals to its highest level in three years.

• UK Steel analysis shows the premium British steelmakers pay over French rivals reached nearly £30 per megawatt-hour, the highest level in three years.
• Iran's closure of the Strait of Hormuz in response to the US-Israeli bombing campaign pushed global gas prices higher, raising UK electricity costs.
• UK Steel director general Peter Brennan said direct subsidies were the only option, proposing a price cap the group estimates at £51 million a year.
• A government spokesperson said electricity bills are being cut by up to 25 percent for more than 10,000 manufacturing businesses.