11-11-2019, 03:14 PM
11
Re: British Steel
Most large corporations these days are owned in part by overseas businesses or controlled by shareholders who are not residing in the UK. It's a sign of the times. It's a shame but at the end of the day it's our lacklustre government who are to blame mostly for this. They are hopeless at looking after us these days because it's all about tax. Sod the people. End of.At least most of the workforce will keep their jobs, that's the main thing.
11-11-2019, 03:39 PM
12
Re: British Steel
Originally Posted by Floydy
->
Most large corporations these days are owned in part by overseas businesses or controlled by shareholders who are not residing in the UK. It's a sign of the times. It's a shame but at the end of the day it's our lacklustre government who are to blame mostly for this. They are hopeless at looking after us these days because it's all about tax. Sod the people. End of. At least most of the workforce will keep their jobs, that's the main thing.
If l were them ld emigrate again!
Donkeyman!
11-11-2019, 03:44 PM
13
Re: British Steel
Originally Posted by Donkeyman
->
For how long l wonder Floydy?If l were them ld emigrate again!
Donkeyman!
I'll also say that it would be great to emigrate but not everyone is in your shoes mate.
Most of these workers will have families and have to find homes and schools...and a new job overseas.
In a perfect world yes, emigrate. But it's completely impractical for the average worker.
11-11-2019, 04:12 PM
14
Re: British Steel
Originally Posted by Floydy
->
Nobody knows, Donkeyman.I'll also say that it would be great to emigrate but not everyone is in your shoes mate.
Most of these workers will have families and have to find homes and schools...and a new job overseas.
In a perfect world yes, emigrate. But it's completely impractical for the average worker.
But if l was younger l wouldnt hesitate, and l encourage younger
relatives to consider doing it, much to the disgust of their parents
I must say?
As regards having a family, l had two nippers aged two and four
when we departed these shores, and sold our house here before
we went!
Maybe rash, but we did it, and we became better off eventually!
And probably avoided being made redundant here anyway as
Maggie Thatcher decimated the uk manufacturing sector soon
after we had left?
So the only regret l have is coming back actually!
Regards Donkeyman!
11-11-2019, 04:23 PM
15
Re: British Steel
Originally Posted by Donkeyman
->
I couldnt do it again Floydy, lm 84yrs old now, and non productive!But if l was younger l wouldnt hesitate, and l encourage younger
relatives to consider doing it, much to the disgust of their parents
I must say?
As regards having a family, l had two nippers aged two and four
when we departed these shores, and sold our house here before
we went!
Maybe rash, but we did it, and we became better off eventually!
And probably avoided being made redundant here anyway as
Maggie Thatcher decimated the uk manufacturing sector soon
after we had left?
So the only regret l have is coming back actually!
Regards Donkeyman!
I'm happy here. Got my friends and family and a nice house and a job (when I'm actually there at the moment!). I would love a retirement place abroad though. We'll see what happens in the future.
11-11-2019, 04:29 PM
16
Re: British Steel
Originally Posted by Bruce
->
Why? do you think the Chinese are going to rip it out of the ground and take it back to China?How do you ever suppose British steel could be competitive on a world market? Iron Ore? Coking Coal? where does that come from?
You should be praising the Chinese investors for having faith in British heavy industry by investing in it because it seems no one else wants to.
BTW you are not the only country that imposes carbon tax on industry
12-11-2019, 10:54 AM
17
Re: British Steel
Originally Posted by Bruce
->
Why? do you think the Chinese are going to rip it out of the ground and take it back to China?How do you ever suppose British steel could be competitive on a world market? Iron Ore? Coking Coal? where does that come from?
You should be praising the Chinese investors for having faith in British heavy industry by investing in it because it seems no one else wants to.
BTW you are not the only country that imposes carbon tax on industry
They have plenty of workers going spare!
12-11-2019, 11:02 AM
18
Re: British Steel
Originally Posted by Tedc
->
The other Chink in our armour would be if the Chinese replaced all of our UK workers with immigrants from China.They have plenty of workers going spare!
Donkeyman!
12-11-2019, 02:35 PM
20
Re: British Steel
Unfortunately, British Steel hasn’t belonged to Britain for many years. The rot started in 1988 when a 13-week national strike took place over pay. The workforce shrunk from 142,000 in 1980 to 52,000 in 1988. Just been reading the facts about this.In 1988 British Steel was privatised, and the heavy losses of the 70s and early 80s were reversed with the company making a pre-tax profit of £733 in 1989.
In 1992 as the UK slid into recession, British Steel announced the closure of its Ravenscraig steel plant leading to a loss of 1800 jobs and ending steelmaking in Scotland.
In 1999 British Steel and Koninklijke Hoogovens of the Netherlands merge to create Corus Group, the biggest steel-maker in Europe and the third largest in the world.
In 2000 Corus said it planned to slash the workforce by 4,500 after losing £20m a month. The number employed by the UK steel industry falls to just over 30,000.
In 2007 Corus is bought by India’s Tata Steel, but higher energy prices and cheaper imports create tough trading conditions.
In 2015 Deteriorating marketing conditions saw the closure of big plants in Redcar, S****horpe, Scotland and South Wales. Employees voted to strike for the first time in three decades over plans to axe their pension scheme, but called off the action after a deal was reached. Unions blamed the Gov’t for high energy costs, crippling business rates, and for failing to press the EU to stem the tide of Chinese imports.
Private equity firm Greybull Capital purchased Tata Steel’s European Long Products for the princely sum of just £1, and revived the name of British Steel It offered a lifeline to 4,800 mostly UK-based employees and put together a £400m investment package for business, based at the S****horpe plant in Northern England.
The bulk of the UK steel industry remained under Tata’s ownership, including the UK’s largest steel plant, Port Talbot in Wales.
In 2017 the reborn British Steel returned to profit, its best performance in a decade, after losses of £79m a year earlier.
In 2018 Greybull looked to expand British Steel, including a bid for a US produer of carbon and alloy wire. The UK steel sector faced threats from increased US tariffs, though damage was cushioned by Europe adopting retaliatory measures.
In April 2019 British Steel made a plea for a £120m loan from the UK government to plug a shortfall in credits owed to the European Commission for carbon emissions.
In May 2019 the company entered into insolvency proceedings, putting the future of thousands of jobs in doubt.
In August 2019 Rescue deal for British Steel in sight after Ataer Holding, a Turkish investment group owned by the country’s military pension fund, reaches provisional agreement for a takeover.
October 2019 - Ataer walks away after a failure to agree terms.
November 2019 - British Steel rescued by Chinese industrial conglomerate, Jingye.
We don’t own a piece of it anymore.
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