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 difficult decision and shut down the industry, according to Matthew Lynn.
Recently, the EU announced plans to reduce steel imports into member countries by half and impose a 50% tariff on excess imports. This decision was made in response to US President Donald Trump's steep levies on US imports, as the EU fears that manufacturers will dump excess production in Europe.
It was possibly the worst news the industry could have received.
- The EU plans to cut steel imports by half.
- A 50% tariff will be imposed on excess imports.
- Almost 300,000 people work in Europe's steel industry.
Author's summary: British steel industry faces closure due to high costs.