The United Kingdom could be the first G7 nation not to manufacture its own steel, with a major steel firm blaming President Donald Trump’s tariffs for the planned closure of its two blast furnaces.
British Steel, which is owned by Jingye, the Chinese steel group, announced plans to close its two blast furnaces in England, The Telegraph reported. The closures put 2,700 jobs at risk and the end of steel production in the United Kingdom after 150 years. Jingye bought British Steel in 2020.
Jingye said the « imposition of tariffs » had made the blast furnaces and steel-making operations « no longer financially sustainable ».
THE LEFT THINKS TRUMP’S TARIFFS ARE A DECLARATION OF WAR. BUT THEY’RE CLUELESS ABOUT THE BATTLEFIELD
Trump has imposed 25% tariffs on steel and aluminum imports to the United States that went into effect earlier this month.
Jingye said it has invested billions of dollars to maintain operations since 2020 but that losses have ballooned to around hundred of thousands of dollars daily.
The closures could have national security implications.
« There is a reason why Russia bombed all the blast furnaces in Ukraine pretty much straight away; because countries need steel not just for defense but to build the roads and the infrastructure, » said Sarah Jones, the energy minister.
Roy Rickhuss, general secretary of the Community union, said: « We urge Jingye and the government to get back around the table to resume negotiations before it is too late. »
TRUMP’S 25% TARIFF INCREASE ON ALL STEEL, ALUMINUM IMPORTS TAKES EFFECT, PROMPTING RETALIATION FROM EUROPE
« Given that we are now on the cusp of becoming the only G7 country without domestic primary steelmaking capacity, it is no exaggeration to say that our national security is gravely threatened, » he added.
Trump has fought to keep U.S. Steel in American hands. Nippon Steel, a Japanese company, said it was willing to increase investment in U.S. Steel facilities to $7 billion as it tries to convince Trump thah the Pittsburgh steelmaker would be in good hands with foreign ownership.
« We are also going to keep U.S. Steel right here in America, » Trump said during a September 2024 campaign rally.
Trump first opposed the deal in February 2024, but said earlier this year that Nippon would negotiate an investment in U.S. Steel, rather than a purchase, the Pittsburgh Post-Gazette reported.
Source link : https://www.foxnews.com/world/united-kingdom-could-only-g7-nation-not-produce-its-own-steel-chinese-owner-blames-trump-tariffs
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Publish date : 2025-03-29 01:25:00
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