U.K. Steel Industry on Verge of Collapse*

U.K. Steel Industry on Verge of Collapse*

Falling global steel prices forced a number of British steelmakers to shut down or lay off over 4,000 employees, or 15% of the sector’s workforce.

“We are bleeding very quickly and unless it’s stopped very soon we are likely to die,” U.K. Steel director Gareth Stace was quoted as saying by The Financial Times in an address to the parliamentary select committee on Tuesday.

Dozens of steelworkers are planning strikes outside Westminster in London on Wednesday, demanding Prime Minister David Cameron and his government to save the industry.

Tor Farquha, director of Tata Steel, which announced it would cut nearly 1,200 jobs at two of its plants last week, said his company faces “massive pressure” and did not rule out further redundancies.

U.K. Steel’s Stace called for ministers to implement a pledge made at an emergency summit this month and urged U.K. Business Secretary Sajid Javid to obtain E.U. approval on a compensation package on energy intensive industries.

Source*

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