UK steel industry loses advantage gradually
Source: | Author:佚名 | Published time: 2022-01-06 | 568 Views | 🔊 Click to read aloud ❚❚ | Share:

In the first half of the 19th century, Britain produced more steel than any other country. However, due to automation and the decline in competitiveness, the number of workers in the steel industry has dropped from 197,000 in 1974 to approximately 18,000 at present.

Multiple factors have hit the UK steel industry, including high energy prices in the UK, additional costs of climate change policies, competition from China, and the US has not yet lifted its 25% tariff on the US.

The British steel industry stated that the government’s policy to compensate producers for these additional costs was too slow. Besides, the government must do its utmost to sell British steel to the US and quickly remove tariffs; otherwise, hundreds of jobs in related industries will be at risk.

The government of British Prime Minister Boris Johnson also stated that if necessary, it is prepared to retaliate against US exports to the UK.