Tees Valley mayor Ben Houchen has hailed a £22.5m funding commitment in Thursday’s Budget for the Materials Processing Institute as a critical step forward to bringing steelmaking back to Teesside.
MPI works with the global steel and materials industries, to carry out research and innovation in advanced materials, low carbon energy and the circular economy and has been working closely with mayor Houchen on the development of his plan to bring steelmaking back to Teesside with a state-of-the-art electric arc furnace.
The funding will allow the Institute to continue its ground-breaking and world-leading research.
The £22.5m funding commitment comes following months of talks between mayor Houchen and the Department for Business, Energy and Industrial Strategy on this critical R&D funding.
Mayor Houchen said: “The Materials Processing Institute is a world-leader when it comes to steel development and research, so I’m pleased Rishi has confirmed this critical funding.
“I’ve been working with MPI closely for months on my plan to bring steelmaking back to Teesside with a state-of-the-art electric arc furnace.
“We are making great progress and our region is once again standing tall. We’ve taken control of the former Redcar steelworks site, we’ve secured millions to invest in the site, and we’re getting started by bringing steelmaking back to its home.
“Thanks to connections with our airport, we’re attracting hundreds of businesses and manufactures from across the globe, looking to create thousands of good-quality, well-paid jobs for local people.”
Jacob Young, MP for Redcar, said: “I’m delighted Mayor Houchen has been able to secure this funding for the Materials Processing Institute. MPI is an amazing organisation that plays a key role in global steel research and this cash will allow them to continue their amazing work.
“Steelmaking is in our blood and I’m sure everyone in Redcar and across Teesside will be backing Mayor Houchen’s bold plan to use the latest technology to bring steelmaking back to the region.”