Tata Steel demands separate ministry for foundation industries

UK's largest steel maker Tata Steel Europe today demanded a separate ministry for Britain's 69 billion pound foundation industries such as steel and glass so as to provide fillip to the sector.
The appointment of a single minister was needed as the sector warrants an urgent action and for creation of a level playing field on key issues such as energy policy, Tata Steel Europe's Chief Executive Officer Karl Koehler said in release.
"If Government is serious about re-balancing the economy and creating sustainable jobs in the region, it must recognise the importance of the UK's foundation industries," he said.

Foundation industries accounted for about 30 per cent of UK's exported goods in 2012. Its combined turnover is close to 69 billion pound per year, which is 3 per cent of the British economy. It also employs almost half a million people in UK.
Koehler's demand was backed by a PWC report that highlighted the damaging effect the financial crisis had on the sector, which contracted by almost a quarter during the recession.
The PwC report challenged many perceptions about the foundation industries and emphasised the role they play in driving innovation and skills as well as providing nearly half a million jobs, while supporting millions of others.

"A single point of focus in government was needed to nurture and expand industries which include metals, chemicals, glass and cement. This report makes clear how important foundation industries are to the UK," Koehler said.
UK Business Secretary Vince Cable, who was present at the launch of the report, said industries like metals, chemicals and glass make a significant economic contribution and help drive the success of high-performing sectors like automobiles.