UK SSI may stop production

UK steel company SSI UK, which made headlines over concerns over debt repayment, announced that its iron and steel operations at Teesside would be on hold. SSI UK is Thai owned.

The announcement was met with disappointment in the ranks of the UK steel organization. Director Gareth Stays called the latest news "extremely disturbing." The British government has agreed to negotiate with leaders of the UK's crisis-ridden steel industry.

“I believe the ministers will be able to negotiate and provide tangible support. The time for warm words is over, ”Stace said in a press statement. Stace said he was pleased that the ministry and the chancellor of the Treasury were going to appeal to the Chinese government about Chinese steel dumping in the European market when they visit China next week.

“There are other steps the government can take now to help alleviate the challenges facing the entire UK steel industry,” Stace added. "If they don't act decisively, the damage to one of the most important industries that underlies our entire manufacturing sector will be irreversible."

“In the short term, we need a clear indication from the government about the intention to fulfill its obligations in order to offset the costs of metallurgy and other energy-intensive industries due to the high cost of energy. Failure to meet these requirements could mean potentially catastrophic disruptive consequences for the industry, ”he concluded.