British Steel

perplexed

Legendary Member
Location
Sheffield
Gone down by looks of it.


https://www.msn.com/en-gb/news/ukne...000-jobs-at-risk/ar-AABJtD3?OCID=ansmsnnews11

This shower of shoot government really don't give a fark.

A brexit to give jobs back
Yeah right
Bugger.

Edit: 2030
 
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stowie

Legendary Member
I found this article interesting.

China has produced more steel in two years than the UK has since the Industrial Revolution.

https://news.sky.com/story/the-surprising-facts-behind-the-declining-steel-industry-11725482
Anti-dumping tariffs have been imposed by the EU on Chinese steel. Interestingly, a move to increase these tariffs in the wake of US tariff increases was resisted by our own government. It has to be said that, although that sounds a bad decision for UK Steel (and probably is) a government needs to balance this with the increase in import costs for the businesses buying foreign steel as well.

From what I can see, China is generating a surplus of steel in the market. The US has imposed tariffs on UK steel. This industry therefore had significant challenges. Then a no deal Brexit looms up within their production lead-time timescales and EU orders dry up. Plus the owners of British Steel commitment to the business seemed to go no further than extracting as much as possible from it in the shortest possible time.

In terms of government support being illegal under EU rules (as Richard Tice asserted) - it is difficult to know since the proposed terms of any bailout is not public knowledge, but the government had already pumped many millions into the business quite recently, and bailouts of industries deemed of strategic importance has happened in the recent past, so it wouldn't seem impossible to do so. How much the lack of willingness of the government to provide more funds is legal or ideological will never be certain - all sides have reason to spin it in either direction.
 

stowie

Legendary Member
Same two people behind Monarch & Comet when they went under.
Yep. If I wasn't such a trusting person, I might suggest that there is a pattern to their investments...
 

SkipdiverJohn

Veteran
Location
London
Gone down by looks of it.


https://www.msn.com/en-gb/news/ukne...000-jobs-at-risk/ar-AABJtD3?OCID=ansmsnnews11

This shower of shoot government really don't give a fark.

A brexit to give jobs back
Yeah right
This is what happens to the competitiveness of UK industry when you join an organisation with bureaucratic rules and a tree-hugger agenda designed to create high energy prices. To all the Remainers out there; enjoy the "benefits" of EU membership and having to abide by EU regulations. Industries go down the pan and people lose their jobs.

Alternatively, we could have told the EU to shove their carbon trading scheme where the sun don't shine, kept UK energy costs as low as possible, cut all the other red tape BS, and British Steel would have probably remained a solvent entity.
 

classic33

Legendary Member
This is what happens to the competitiveness of UK industry when you join an organisation with bureaucratic rules and a tree-hugger agenda designed to create high energy prices. To all the Remainers out there; enjoy the "benefits" of EU membership and having to abide by EU regulations. Industries go down the pan and people lose their jobs.

Alternatively, we could have told the EU to shove their carbon trading scheme where the sun don't shine, kept UK energy costs as low as possible, cut all the other red tape BS, and British Steel would have probably remained a solvent entity.
Owners were French, not british. They appear to have tried to use a company name that was known for better products. Tata Steel had control prior to splitting the company.
 

RecordAceFromNew

Swinging Member
Location
West London
Alternatively, we could have told the EU to shove their carbon trading scheme where the sun don't shine, kept UK energy costs as low as possible, cut all the other red tape BS, and British Steel would have probably remained a solvent entity.
Would you care to provide some figures to justify your view?

Your assertion is not consistent with that of the UK steel trading body:
"UK Steel, the trade body, estimates that a 'no deal' Brexit would result in quotas or duties in markets accounting for 97% of UK steel exports - up from 15% at present - which, with nearly half of all steel in this country being exported, would bite. It is hard to see how, ultimately, steelmaking in this country can survive such headwinds in the long run."

The article also refers to the fall in £ after Brexit being a "key factor" for the current woe - iron ore is priced in $, which meant the price of the raw material has increased by over 15% since FY 2016/17. If you had read British Steel's accounts, you would have found that represents a c£100m p.a. hole in their profit and loss, above and beyond the uncertainty of Brexit which has caused European orders to dry up.

Think this is a classic example of "Brexit dividend", used to be called Project Fear, I believe.
 
This is what happens to the competitiveness of UK industry when you join an organisation with bureaucratic rules and a tree-hugger agenda designed to create high energy prices. To all the Remainers out there; enjoy the "benefits" of EU membership and having to abide by EU regulations. Industries go down the pan and people lose their jobs.

Alternatively, we could have told the EU to shove their carbon trading scheme where the sun don't shine, kept UK energy costs as low as possible, cut all the other red tape BS, and British Steel would have probably remained a solvent entity.
You know how, about a year ago, we said that this sort of thing would happen and Brexit Supporters said it was "Project fear"?

Several people asked what they'd say when it actually happened, and the more cynical replied "They'll just blame the EU"

Well, now you see it folks.
 
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