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Wales is doing it. So why won’t Westminster support the UK steel industry?

4 6 0
21.05.2019

British Steel, created by Greybull Capital only three years ago, is in serious financial difficulty. It may collapse if the government does not provide a £75m rescue package to support continued operations.

Unfortunately, I wasn’t surprised by this development. The confusion and economic dislocation of Brexit, a global steel glut and the US-China trade war have combined to make the economic climate for UK steelmaking more challenging than ever before.

We must not forget that this is an industry that directly supports more than 30,000 jobs across the UK, generates more than £1.6bn as a direct contribution to the UK economy and supplies top-quality raw and finished materials to critical parts of the UK industrial sector, including aviation, automotive, defence and construction.

“Why should we produce steel when it can be made cheaper elsewhere?” is a question I hear regularly. This ignores the highly paid, skilled jobs the industry supports and the communities that depend on these jobs. It takes no account........

© The Guardian