According to the newspaper, the U.K. will extend a rebate a percentage of environmental taxes for so-called Energy Intensive Industries. The rebate is expected to cover between 60 percent and 70 percent of the U.K. steel industry's environmental taxes, cutting its overall power bill by about GBP3.9 million per month, the newspaper said. U.K. steelmakers have been struggling to operate under some of the highest energy costs in Europe, the newspaper said. "This is welcome news. The hit that the U.K. steel sector has taken from taxes on electricity prices in terms of competitiveness is something we have been campaigning on for many years. It's good to now see the government taking action," Karl Koehler, chief executive of Tata Steel Europe, told the newspaper. "Although today's announcement is a positive development, the European steel market remains under intense pressure from factors such as unfairly traded Chinese imports. We must all continue to do our utmost to combat these conditions," he said.