[News] British steel

[Dave the OAP]

Just seen that it is to enter “ insolvency “, not even administration!

Blimey.

I can’t see the government be keen on renationalising the operation.

For some of us a a certain age, British steel was one of the cornerstones of our economy. My father worked for British steel in Sheffield and even in those days there were dire warnings about cheap steel from Eastern Europe at the time. Turns out it was China and India they needed to worry about.

 

[SollysLeftFoot]

Read plenty of shit about this, one thing's for certain. Those responsible for its demise are going to get away with it, and that's not Greybull...

 

[Dave the OAP]

Read plenty of shit about this, one thing's for certain. Those responsible for its demise are going to get away with it, and that's not Greybull...

Didn’t greybull buy it from Tata steel of India?

 

[SollysLeftFoot]

Didn’t greybull buy it from Tata steel of India?

Yes, they did - but they did nothing to change the board of directors. I'll write a proper post on this later on, I worked in the treasury of British Steel so seen how it worked from the company's heart.

 

[Dave the OAP]

Yes, they did - but they did nothing to change the board of directors. I'll write a proper post on this later on, I worked in the treasury of British Steel so seen how it worked from the company's heart.

Look forward to reading that.

There was a rumour that BS supplied 95% of the rails for National Rail and they had been told to reduce their prices as even though the pound had fallen on its arse, it was cheaper to buy rails from Brazil?

 

[Springal]

Company was privatised 30 years and has been struggling for a long time. If the government was to bail it out then what? Is it magically going to turn around and become self-sufficient. Some short term pain for those employed there + supplying them but I cannot see how they will ever survive

 

[Bevendean Hillbilly]

Company was privatised 30 years and has been struggling for a long time. If the government was to bail it out then what? Is it magically going to turn around and become self-sufficient. Some short term pain for those employed there + supplying them but I cannot see how they will ever survive

One thing to consider is that the 25,000 jobs that British Steel fill are in some of the most deprived areas of the UK. Mass unemployment in places like Scunthorpe will wipe those towns out.

Another is the strategic imperative. The UK leaving the EU with no major steel producer leaves us vulnerable to the vagaries of developing world pricing. If we abandon a key infrastructural element like this the impact will be felt forever. £75million to keep it going is chicken feed.

 

[Springal]

Another is the strategic imperative. The UK leaving the EU with no major steel producer leaves us vulnerable to the vagaries of developing world pricing. If we abandon a key infrastructural element like this the impact will be felt forever. £75million to keep it going is chicken feed.

Where has the £75M come from? Did they not get a government loan recently for £120M?

 

[BBassic]

We're only making plans for Nigel
He has his future in a British steel
We're only making plans for Nigel
Nigel's whole future is as good as sealed

 

[nicko31]

Another one Brexit has pushed over the edge.

Better get used to this kind of stuff, just the tip of iceberg if we go for the Jacobs Rees-Mogg route.

We're learning a very painful lesson, unless you're a disaster capitalist...

 

[soistes]

Another one Brexit has pushed over the edge.

Better get used to this kind of stuff, just the tip of iceberg if we go for the Jacobs Rees-Mogg route.

We're learning a very painful lesson, unless you're a disaster capitalist...

I wonder how Scunthorpe voted in the EU referendum? Suspect it wasn't for Remain, in which case this could be another example of turkeys voting for Christmas, just as in Sunderland, Derby and Swindon.

 

[BBassic]

I wonder how Scunthorpe voted in the EU referendum? Suspect it wasn't for Remain, in which case this could be another example of turkeys voting for Christmas, just as in Sunderland, Derby and Swindon.

Scunthorpe, North Lincolnshire : 66.3% Leave

 

[nicko31]

Scunthorpe, North Lincolnshire : 66.3% Leave

Win the argument and lose the sale springs to mind...

 

[Pretty Plnk Fairy]

Win the argument and lose the sale springs to mind...

typical leftie cant see the big picture we wont need steel exports once we have brexit and and sing up for the deal to sell Marmite too the Maldives and hovercraft to haiti

Regards
DR

 

[Eeyore]

Read plenty of shit about this, one thing's for certain. Those responsible for its demise are going to get away with it, and that's not Greybull...

I thought it was returning a surplus recently.

 

[Mellor 3 Ward 4]

On this one can't see how Brexit is to blame?

They say they have lost export markets - yet the fall in Sterling has made exports between 15 -20% cheaper?

I think the world oversupply of Steel, hence falling prices globally, and cheap Chinese Steel are more the problem.

 

[WATFORD zero]

typical leftie cant see the big picture we wont need steel exports once we have brexit and and sing up for the deal to sell Marmite too the Maldives and hovercraft to haiti

Regards
DR

Because of you, I have to carefully check the Name on every Ppf or PPF post that goes up, as there is no way you can tell from the content

 

[studio150]

On this one can't see how Brexit is to blame?

They say they have lost export markets - yet the fall in Sterling has made exports between 15 -20% cheaper?

I think the world oversupply of Steel, hence falling prices globally, and cheap Chinese Steel are more the problem.

You can't see it, but Greybull, The Labour Party and Economic Reporters all reference Brexit related issues as part of the problem, but no doubt yet again we are supposed to ignore experts

 

[Honky Tonx]

Has been in trouble for decades, long before BREXIT was even thought of.

 

[nicko31]

typical leftie cant see the big picture we wont need steel exports once we have brexit and and sing up for the deal to sell Marmite too the Maldives and hovercraft to haiti

Regards
DR

You sound like you've just got off the phone to Andrea Leadsom