It's Time to Close the British Steel Industry
The price tag on British steel is too high, and it's time for Labour to make a tough decision and close down the industry, according to Matthew Lynn.
A recent EU plan to cut steel imports by half and impose 50% tariffs on excess imports has dealt a significant blow to the industry. This move is a response to US President Donald Trump's steep levies on US imports, which may lead manufacturers to dump excess production in Europe.
- The EU plans to cut steel imports by half
- 50% tariffs will be imposed on excess imports
- US President Donald Trump has imposed steep levies on US imports
It was possibly the worst news the industry could have received
With nearly 300,000 people still working in Europe's steel industry, production can't be quickly wound down. The industry's fate hangs in the balance.
Author's summary: British steel industry faces closure due to high costs.
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