British Steel on the brink of adminstration.
Discussion
So said:
Is the relation that it hasn't happened quickly enough? 
bbc said:
British Steel has secured a £100m loan from the government to pay its EU carbon bill, a source close to the company has said.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
amusingduck said:
So said:
Is the relation that it hasn't happened quickly enough? bbc said:
British Steel has secured a £100m loan from the government to pay its EU carbon bill, a source close to the company has said.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
When the Chinese are aggressively dumping steel in your home markets, purchasing teams on “thy shalt buy the cheapest at whatever hidden cost” missions - and you have serious environmental costs and issues to contend with, it’s not looking good. Brexit or no Brexit…
Compared to the Germans and their steel production technology and quality, British Steel has always been a lame duck…
Compared to the Germans and their steel production technology and quality, British Steel has always been a lame duck…
Seems that the EU had a hand in it:
"Germany’s Thyssenkrupp and India’s Tata have abandoned a blockbuster merger of their European steelmaking operations, raising fears for jobs at the Tata-owned Port Talbot plant in south Wales.
Thyssenkrupp said it had given up hope of getting the tie-up past European competition regulators after a number of concessions including offers to sell chunks of both companies’ operations failed to pass muster."
Source: https://www.telegraph.co.uk/business/2019/05/10/jo...
Apparently the merger would have been an issue for EU competition rules. So having the UK company go under is better for competition. Hahahaha.
"Germany’s Thyssenkrupp and India’s Tata have abandoned a blockbuster merger of their European steelmaking operations, raising fears for jobs at the Tata-owned Port Talbot plant in south Wales.
Thyssenkrupp said it had given up hope of getting the tie-up past European competition regulators after a number of concessions including offers to sell chunks of both companies’ operations failed to pass muster."
Source: https://www.telegraph.co.uk/business/2019/05/10/jo...
Apparently the merger would have been an issue for EU competition rules. So having the UK company go under is better for competition. Hahahaha.
bulldong said:
That company has been f
ked as long as I can remember. Not surprised.
Yep, I think I said this in the other thread that brought this up. ked as long as I can remember. Not surprised.I'm from Middlesbrough, I've worked at the steelworks when it was Corus, I've worked at the S
horpe site as well, my mother still works in what used to be the long product rolling R&D place near Teesport. For all my time I always got the impression they hung from a thread. Few years after I went I think Corus binned it off and different bits got bought by TATA and some other Asian outfit. But eventually even they succumbed and shut down the Beam Mill and the furnace. So many seemingly have tried their hand at the tiller to make it work, but it hasn't.
My Dad and his mates used to work there when it was British Steel the first time round in the 70s/early80s and they bailed because they could see where things were headed even then. He didn't see a future for it and was surprised it lasted as long as it did.
Brexit? convenient out IMO. Reality I think is that its always been teetering on the edge of failure.
andy43 said:
amusingduck said:
So said:
Is the relation that it hasn't happened quickly enough? bbc said:
British Steel has secured a £100m loan from the government to pay its EU carbon bill, a source close to the company has said.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
The money means the private equity-owned firm will avoid a steep EU fine.
The firm said earlier this month it needed the funds to settle its 2018 pollution bill due at the end of April.
k them in the arse. It’s absurd that we can’t make this commodity in the UK. It’s big, awkward to transport (especially massive lengths of rail), and we use st loads of it.
The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bullst environmental policy at its most destructive.
t loads of it. The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bulls
t environmental policy at its most destructive.rxe said:
It’s absurd that we can’t make this commodity in the UK. It’s big, awkward to transport (especially massive lengths of rail), and we use st loads of it.
The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bullst environmental policy at its most destructive.
This. t loads of it. The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bulls
t environmental policy at its most destructive.Utterly insane. The Chinese will be laughing all the way to the bank. In the meantime the 'outraged' of the UK will apportion the blame wrongly as usual.
Edited by WelshChris on Tuesday 21st May 14:27
rxe said:
It’s absurd that we can’t make this commodity in the UK. It’s big, awkward to transport (especially massive lengths of rail), and we use st loads of it.
The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bullst environmental policy at its most destructive.
Our gov is hell bent on decimating the UK at any cost. Worrying thing is they see to be succeeding at an alarming rate. Our perception on the world stage is now laughable at best. Like you say the green tax is a huge concern as we cant afford it. What business has to borrow money to pay a 'Green Tax!' elsewhere in the world?t loads of it. The whole carbon thing needs to be exposed. If you do business in the UK, this charge will be imposed on you. If you make the stuff in China, then you don’t need to pay. The decision to be “green” is simply shipping jobs out of the EU, and is not green at all - the stuff is still made, just the carbon goes on someone else’s ledger.
This is bulls
t environmental policy at its most destructive.I work in the finance contracting industry and Hammond has literally pretty much finished it for everyone overnight. All of our work is going to big 4 consultancies who have the most aggressive tax avoidance strategies in the world. Its as if the current gov is trying to literally wreck the country. The current shower have a lot to answer for IMHO.
mr_spock said:
Seems that the EU had a hand in it:
"Germany’s Thyssenkrupp and India’s Tata have abandoned a blockbuster merger of their European steelmaking operations, raising fears for jobs at the Tata-owned Port Talbot plant in south Wales.
Thyssenkrupp said it had given up hope of getting the tie-up past European competition regulators after a number of concessions including offers to sell chunks of both companies’ operations failed to pass muster."
Source: https://www.telegraph.co.uk/business/2019/05/10/jo...
Apparently the merger would have been an issue for EU competition rules. So having the UK company go under is better for competition. Hahahaha.
Different company."Germany’s Thyssenkrupp and India’s Tata have abandoned a blockbuster merger of their European steelmaking operations, raising fears for jobs at the Tata-owned Port Talbot plant in south Wales.
Thyssenkrupp said it had given up hope of getting the tie-up past European competition regulators after a number of concessions including offers to sell chunks of both companies’ operations failed to pass muster."
Source: https://www.telegraph.co.uk/business/2019/05/10/jo...
Apparently the merger would have been an issue for EU competition rules. So having the UK company go under is better for competition. Hahahaha.
Rivenink said:
Yes. I can't find the source but it's said someone in the U.K. Government has a serious hard on for the Chinese. It was us that frustrated the eu tariffs on china dumping rebar. There may now be quality issues with some of that steel in buildings. Article mentioned a fifth column but that may be a bit much. I'd go with art grads who see heavy engineering as very last century. Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff