British Steel rescue

[TheOstrich]

One's obviously pleased for the workers and their families around Scunthorpe and Teeside, but selling it off to the Chinese? Are we really wise to allow them a further stake in one of our core industries?

I would have much preferred that the plants had been re-nationalised. If they were loss-making, so what? It's about time "money" was less a factor in our national way of life.

[Kaz]

I think it's extremely unwise. China scares me

[AliasAggers]

I think it's extremely unwise.

China scares me

Me too !!!

[Workingman]

China! Scary eh?

I don't get the numbers. If we lose the jobs, say 6,000 inc those in the chain, that's about £30m a year in benefits to pay. It does not take into account the cost to the wider economy, the community or society. On sales of 2.8 million tonnes BS loses about £65m per year. So we swap a £65m product loss for a £30m benefits cost... a "saving" of £35m. You can hear the bean counters back-slapping each other.

But wait. The rail industry, Crossrail, construction and specialist engineering still need that steel. As we don't produce it it has to be brought in - imported - at a conservative guesstimate (no pun) that's upwards of £350m per year and rising every year from now on.

What I also do not understand is that Jingye seem to think they can turn a profit on it. If that's the case why cant we?

Oh, I know, we don't do State Owned. We are no good at it, it's too costly, and we are too proud to learn.

[saundra]

I don't trust them wouldn't be surprised if it closes in a while why would they buy British steel when they themselves make it cheaper in China big problem I think not going to look good for Scunthorpe son is a store manager there