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UK Steel Industry on The Verge of A Collapse

  • Posted on January 25, 2023
  • News
  • By Akta Yadav
UK Steel Industry on The Verge of A Collapse Author: Debarati Pal Current Development The Business Secretary Grant Shapps has been sent a letter by the Unite Union, the British and Irish trade union on 22nd May 2023, pointing out that the United Kingdom Government is taking very few steps to save the UK steel industry from collapsing. The UK steel industry’s health must now be a priority for the government but the same is not evident from its actions. UK Steel Industry Reasons behind The Collapsing UK Steel Industry The making of steel in itself, is an expensive process. However, it is not just this one factor. Several other factors are on the disadvantageous side for the United Kingdom.
  1. Low demand of steel
  2. Taxes on carbon
  3. Rise of imported steel
  4. Loss of the steel markets
  5. Energy price levels on rising high
What Is at stake? The UK steel industry employs a large number of skilled and unskilled workers in the United Kingdom. With the crippling UK steel industry, all such job positions are at stake. Moreover, the lost competitive position of the UK steel industry in the global steel producers is also an implication of the downfall of the UK steel industry. The country would have to regularly import steel from other countries to fulfill demands. UK Steel Industry Response of The Government On behalf of the United Kingdom government, the Department for Business, Energy and Industrial Strategy expressed that it “recognises the vital role that steel plays within the United Kingdom economy, supporting local jobs and economic growth”. Jeremy Hunt, the Chancellor of UK has also been reported to make his contribution towards the struggling UK steel industry by donating 300 million Euros. Although the UK steel industry has already reached a breaking point, the trade unions are grasping at last straws to sustain it. For more updates keep visiting our website where we provide unbiased, true and top stories of the world.
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Akta Yadav

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