This is a worrisome development.
The UK is set to become the only country in the G20 without the ability to make steel from raw materials as its largest plant goes “green” and is expected to cut nearly 3,000 jobs in the process.
Indian-owned Tata Steel announced on Friday that it will be scrapping its blast furnaces at the Port Talbot steelworks in Wales and will replace them with an electric-powered arc furnace...
There are two notable bits about this.
...Britain will no longer be able to domestically produce steel from raw materials, given that the electric furnaces will only be able to convert recycled materials into steel. This form of recycled steel is much weaker than that made from raw materials, and therefore cannot be used to make military vehicles and other defence projects....
Oh.
Then there's the not-too-subtle "who owns the means of production" hint for the US:
“They want to make their steel in Jamshedpur [India] … bring it thousands of miles across the ocean...
Brittania is no longer in danger of 'ruling the waves.' (More: Brit Navy collision)
The Japanese have purchased U S Steel. Will the Biden Obama Administration make certain that US-based blast furnaces remain operating?
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