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 tough decision and shut down the industry, according to Matthew Lynn.
A recent EU plan to cut steel imports by half and impose 50% tariffs on excess imports has dealt a significant blow to the industry. This move is in response to US President Donald Trump's steep levies on US imports, which may lead manufacturers to 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.
- 50% tariffs will be imposed on excess imports.
- Almost 300,000 people still work in Europe's steel industry.
Author's summary: British steel industry faces closure due to high costs.
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