Part 3/5:
One of the primary culprits behind this decline can be traced back to prohibitively high energy prices driven by Net Zero policies embraced by successive governments. Industrial electricity costs in the UK rank as the highest globally, placing British steel producers at a severe competitive disadvantage compared to their international counterparts.
Adding to these challenges is the unyielding competition from China. Just a few years ago, China flooded the global market with steel, engaging in massive overproduction and often selling their steel at a loss. This practice effectively sidelined many Western manufacturers, including those in the UK, making it increasingly difficult for them to remain viable.