Breaking News
1. Edtech Start-Up Byju's Faces Deadline For $40 Million Payment Of $1.2-Billion Loan: Report      2. Sakshi Malik withdraws from wrestlers' protest.      3. Edtech Start-Up Byju's Faces Deadline For $40 Million Payment Of $1.2-Billion Loan      4. Odisha Train Accident: Kharge Writes To PM Modi, Asks 'Why Were Grave Red Flags Ignored'      5. United States Secretary of Defence Lloyd Austin, on Monday, inspected the Tri-Service Guard of Honour in the presence of Defence Minister Rajnath Singh      6. Gangster Mukhtar Ansari convicted in Awadhesh Rai murder case, quantum of punishment to be pronounced at 2pm      7. RSS worker, Raju Tambak held for derogatory posts on Muslim women.      8. Adani Group announces help for children of Odisha train crash victims: 'Will fund school education'.      9. Indigo flight coming from Chennai to Dibrugarh makes emergency landing at Guwahati.      10. Russian Economic Forum bars reporters from 'unfriendly nations'.      11. NASA tests technology to detect tsunamis from Earth's atmosphere.      12. America warns Xi Jinping of 'disastrous' conflict, asks China to come for 'essential talks'.      13. PM Modi meets train crash survivors in Odisha today.      14. Amitabh Bacchan pens a note on his 50th wedding anniversary with Jaya Bacchan.      15. Death toll in Odisha train accident reaches 238.      16. UP Shalimar-Chennai Coromandel Express collides with goods train in Bahanagar railway station in Odisha: 350 injured and 50 dead!      17. Indian scientists discover 62 plants that can live without water in Western Ghats      18. Pakistan releases 198 Indian fishermen.      19. Dev Shah wins National Spelling Bee, going out on top after an up-and-down spelling career.      20. Ella Irwin Resigns from the post of Twitter Trust and Safety Head.     

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.
No Image
Akta Yadav

You May Also Like