UK Steel Industry Demands Action Against Imports

The UK steel industry and unions have called on the business secretary to press for urgent action on cheap Chinese steel imports at a European Union summit about the crisis affecting the sector.

Sajid Javid will travel to Brussels for a meeting with EU economy and industry ministers scheduled for 4.30pm local time. Javid pushed for the meeting to discuss the steel crisis after he was criticised for responding slowly to mounting job losses in the sector.

Companies and workers are united in demanding emergency measures to save Britain’s steel industry, with about one in six steelworkers threatened with losing their jobs. They want Javid to press for swift action to stop the alleged dumping of cheap Chinese steel in Europe.

Britain’s steel industry has been battered by falling prices, high energy costs, cheap imports and the strength of the pound, which has made exports expensive.

The sector has been hit by the closure of the Redcar steel plant on Teesside with the loss of 2,200 jobs, Caparo industries going into administration and the mothballing of Tata Steel mills in Scunthorpe and Scotland with 1,200 redundancies.

via The Guardian

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza