I don’t think the Chinese are to blame, they have put the cash up. The cost of energy to actually produce profitable steel is ridiculously high. I think BS is doomed.
Yikes buying it for £24m probably seemed like a bargain at the time
And it’s only going to get worse thanks to Brexit as the US has reduced the tariffs for steal from the EU and because we aren’t in the EU our steel is going to be more expensive to buy than our competitors
I don’t see how it makes sense to keep an industry going if we are forced to import the raw materials for it.
You could give all 3000 employees a 46k bonus to stay home and be no worse off…
How much did they lose in 2019 under British ownership?
I’m all for hating on Chinese investors nabbing everything up here but the headline as usual is out of context.
They bought the company out of liquidation. Who in their right mind thinks they’d be making a profit on the main business?
And they did make a profit from the asset side.
Companies like this are doomed anyway given the ridiculous pension liabilities they built up. Just more generational wealth transfer to the boomers
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I don’t think the Chinese are to blame, they have put the cash up. The cost of energy to actually produce profitable steel is ridiculously high. I think BS is doomed.
Yikes buying it for £24m probably seemed like a bargain at the time
And it’s only going to get worse thanks to Brexit as the US has reduced the tariffs for steal from the EU and because we aren’t in the EU our steel is going to be more expensive to buy than our competitors
I don’t see how it makes sense to keep an industry going if we are forced to import the raw materials for it.
You could give all 3000 employees a 46k bonus to stay home and be no worse off…
How much did they lose in 2019 under British ownership?
I’m all for hating on Chinese investors nabbing everything up here but the headline as usual is out of context.
They bought the company out of liquidation. Who in their right mind thinks they’d be making a profit on the main business?
And they did make a profit from the asset side.
Companies like this are doomed anyway given the ridiculous pension liabilities they built up. Just more generational wealth transfer to the boomers