Terrible news about the Redcar Steel plant today, as the site will stop production with the loss of 1700 jobs. The plan is to mothball it, so it remains viable if a buyer happens to come along.
The Thai owner SSI has blamed the decision on falling steel prices, mainly from China making the plant unviable.
Unions are calling for the plant to be taken over and nationalised, but the Government has hit back saying that would mean stock piling steel if it couldn't be sold, and the losses footed by the Tax Payer.
The counter argument is that the banks were propped up at Tax Payers expense, so why not other industries?
With the decline of manufacturing over the previous decades, is it time to accept that traditional industry like this will be dominated by Chinese imports, or should we do something about it, event though we are trying to reduce our debt, not add to it?
Seems to be a tough call on either side, what do you think?
