The Irish government has set aside €2bn to provide the steel industry with funding for its future growth.
The government has been looking at ways to boost the sector, with the first priority to help businesses and consumers by boosting employment.
In 2019, the government will spend around €1bn on projects aimed at boosting employment, according to a statement.
This is a huge amount of funding that is needed, it is the start of a new year and the government must work together to get this funded, said Minister of State at the Department of Commerce Simon Coveney.
We are also going to work with the industry, particularly with the small and medium-sized businesses, to support the jobs that will be created in 2019.
“The industry is an area where there are a number of challenges and there is a lack of investment.
The government is committed to supporting this industry in 2019 and beyond.”
Investment has been targeted at the sector in the past, with support from the Irish National Steel Industry Development Board.
The investment in the sector will go towards a number needs such as a new steel plant, a new container shipyard, and the introduction of new steel products.
The announcement follows a decision by the Department for Energy, Climate Change and Climate Action (DECCAC) to provide an extra €2.8bn for the sector over the next five years.
The DECCAC has also allocated €1.4bn for projects that will enable the sector to develop further, while supporting further investment.
The new investment will be available to companies and individuals that will create a capacity of 1,000 workers.
The company that invests will be awarded €1,000 and the new investment is for an initial period of five years, followed by another five-year period of $1,500 per worker.
The €2,000 is a target to be met in 2019, and is not expected to be affected by any further investments.
“It’s a significant investment and it’s a long-term commitment,” said Brendan O’Brien, the CEO of The National Steel Association.
“The government’s investment is not just for this year, it’s going to be there for the next 5 to 10 years.”
The Irish Steel Industry Council (IISE) has also expressed its support for the investment.
“We welcome the investment and we believe that it will help the sector grow and support the future of our industries,” said IISE CEO Michael O’Sullivan.
The sector is an important component of the economy, which generates more than €1 trillion of exports to the EU.
The Irish steel industry employs more than 150,000 people, with more than 10,000 jobs in the manufacturing sector.
The Government’s decision to boost investment in this sector is important in supporting the country’s steel industry, said O’Connell.
“We are the largest steel importer in the world and we export a third of the steel in the EU to other EU countries.
The Government must ensure that we continue to be competitive in the global market.
We have to get the right balance between jobs and growth,” he said.