Net Zero future: Chinese offer to take over UK steel industry
Date: 20/05/21
GWPF & Financial Times
As Britain faces a deepening steel crisis, with 5000 jobs at risk, it is becoming evident that the steel industry and other energy-intensive industries have no future as the Net Zero agenda continues to drive electricity prices upwards.
While the immediate cause of the present crisis is the collapse of financial partner of the Gupta empire, GFG Alliance, which bought Liberty, the underlying and fundamental cause is the uncompetitiveness of all heavy industry in the UK, and for this government is itself largely to blame.
The British Government has ignored the GWPF’s warnings and accelerated its Net Zero agenda, making the generation of electricity ever more expensive. It is now faced with intense pressure to bail out the troubled Liberty Steel, the country’s third largest steel maker, which runs twelve steel plants in the UK, and is responsible for about ten per cent of British steel production.
The steel industry body UK Steel is indicating that electricity prices in the UK are between 60 and 80 per cent higher than those in France and Germany, with climate policies accounting for the bulk of this difference. Worse still, industrial electricity prices in Europe themselves are nearly 50% higher than in the G20 — never mind China and India where industrial electricity prices are estimated to be just a third of UK prices.
https://www.thegwpf.com/title-chinese-offer-to-take-over-uk-steel-industry/
