There won’t be a British steel industry for long. There won’t be a European steel industry for long. Europe will buy its steel in the US which is going into the biggest industrial revival the world has ever seen. Oh, you think China was big. With hindsight and considering what’s happening in the US today, the Chinese miracle will look quaint in comparison. North American shale is going to blow anything that looks like an industry in Europe straight out of the water. Yes, that’s very bad news. Some countries will survive on tourism. But the big industrial powers in Europe are in for rock hard times.
Crippling climate change levies are forcing Britain’s steelmakers to cut production after a doubling in the cost of carbon emissions in just nine months.