The UK steel industry and unions have called on the business secretary to press for urgent action on cheap Chinese steel imports at a European Union summit about the crisis affecting the sector.
Sajid Javid will travel to Brussels for a meeting with EU economy and industry ministers scheduled for 4.30pm local time. Javid pushed for the meeting to discuss the steel crisis after he was criticised for responding slowly to mounting job losses in the sector.
Companies and workers are united in demanding emergency measures to save Britain’s steel industry, with about one in six steelworkers threatened with losing their jobs. They want Javid to press for swift action to stop the alleged dumping of cheap Chinese steel in Europe.
Britain’s steel industry has been battered by falling prices, high energy costs, cheap imports and the strength of the pound, which has made exports expensive.
The sector has been hit by the closure of the Redcar steel plant on Teesside with the loss of 2,200 jobs, Caparo industries going into administration and the mothballing of Tata Steel mills in Scunthorpe and Scotland with 1,200 redundancies.
via The Guardian
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019