Things Aren’t Looking Up for Those in UK Steel Market
It is known worldwide that the steel industry is in shambles – Business Insider even goes so far as to call it a “meltdown.” More and more steel companies are making substantial cuts to their workforce and factories, and some are having to close doors altogether. Meanwhile the UK government is trying to intervene to produce both short-term and long-term solutions to the current crisis.
Why the Current Crisis
There are multiple factors that are being said to contribute to the current state of the steel market in the UK. Current challenges include the strength of the pound, added costs for new polices related to climate change and high competition from China. Some allegations are surfacing that steel produced in China is being sold in the UK market for extremely low prices, having a profound effect on what UK producers can sell their products for.
What is at Risk?
Jobs in UK’s steel industry at facing the most risk during the industry crisis. More specifically, there are around 20,000 people employed by UK’s steel market and now one ins six of those employees are losing their jobs or are in an at-risk position.