Tags

, , , , , , ,

British Steel in Scunthorpe: It seems one reason the plant here has lost a large amount of income was Brexit uncertainty.

China has found a way around high EU tariffs on its steel, by buying British Steel for the bargain price of just £70 million.

It seems that country’s strategy has paid off – the UK industry has been struggling for years after it was said that China was flooding the international market with cheap, inferior steel.

In 2016 the EU imposed tariffs of up to 73.7 per cent on Chinese steel after an influx of cheap imports from Asia forced European manufacturers to cut jobs and lower prices.

But it seems that the damage was done, and it seems the only way the UK could protect 4,000 jobs in the industry, and 20,000 in the supply chain, was to allow a Chinese company to buy British Steel.

Won’t this be a way around those huge EU tariffs – even with Brexit, if a UK government negotiates a favourable trade deal?

And won’t this mean more inferior steel flooding the market, with the safety risks this entails?

From a political point of view, this is a slap in the face for the right-wing parties.

They attack Jeremy Corbyn’s Labour as far-left amateurs who don’t understand economics – but now they are being forced to accept help from the ‘tiger’ economy of the far east, which is run by communists.

It is clear that these Chinese left-wingers know far more about economic imperialism than the Tories.

British Steel is set to announce a rescue deal with China’s Jingye Group, which could safeguard up to 4,000 jobs in the UK.

Jingye Group has agreed in principle to buy British Steel for £70m.

It is understood that the government will help in the form of loan guarantees and other financial support.

British Steel has been kept running by the government via the Official Receiver since May, when the company went into liquidation.

As well as employing 4,000 people at its Scunthorpe and Teesside sites, British Steel supports an additional 20,000 jobs in the supply chain.

Another 1,000 jobs are based in France and the Netherlands – those are included in the deal too.

Source: British Steel to be rescued by Chinese firm in £70m deal – BBC News

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/


Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Here are four ways to be sure you’re among the first to know what’s going on.

1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.

2) Follow VP on Twitter @VoxPolitical

3) Like the Facebook page at https://www.facebook.com/VoxPolitical/

Join the Vox Political Facebook page.

4) You could even make Vox Political your homepage at http://voxpoliticalonline.com

And do share with your family and friends – so they don’t miss out!

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Buy Vox Political books so we can continue
fighting for the facts.


The Livingstone Presumption is now available
in either print or eBook format here:

HWG PrintHWG eBook

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook