Business Minister Anna Soubry has been accused of failing to stand up to China over its dumping of cheap steel in the UK as a plant in Redcar stands on the brink of closure. Soubry had pledged to raise the issue on her visit to Beijing with George Osborne last week.
Steel imports from China have quadrupled in four years and steel makers have criticised the Chancellor for inviting China to invest in the HS2 rail link, fearing China will flood the UK with cheap steel as a result.
The price of steel has plunged from £330 to £200 a ton in the past year.
‘We need to find out exactly what Soubry said, but I fear it was a mumble no one heard,’ said Gareth Stace, director of industry body UK Steel.
The Government said Soubry had raised the problem and had ‘started a dialogue’ on the subject. Officials said they did not know how Soubry’s comments were received or when the issue would next be raised.
The SSI plant on Teesside, which employs 3,000 staff, halted production ten days ago and is on the brink of closure after its Thai owners said they could not afford to keep the plant open. Redcar has enough coal to keep the coke ovens alight until Tuesday.
Source: thisismoney.co.uk
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