no mention of British Steel yet? no mention of British Steel yet?
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  1. #1

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    Lance's Avatar
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    Default no mention of British Steel yet?

    See You Next Tuesday

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  3. #3

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    Quote Originally Posted by Lance View Post
    Due to disaster capitalism and greed.

    Meyohas, the son of a wealthy French corporate lawyer, and Goldstein have charged £33.8m in interest on loans their private equity fund Greybull Capital made to British Steel at a rate of 9.6%, according to filings at Companies House.

    The money was loaned via a Greybull business registered in the tax haven of Jersey.
    The pair, who run their investment fund from offices above a Jimmy Choo store on Sloane Street, around the corner from Harrods in central London, have also charged British Steel £6m in “management fees” since they took control of the Scunthorpe works in 2016.
    .
    .
    A spokeswoman for Greybull said the £250,000-a-month management fees charged to British Steel were for “extensive” services “charged at a significant discount to normal market rates”..
    British Steel's owners charging firm GBP20m a year in fees and interest | Business | The Guardian

  4. #4

    More fingers than teeth

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    But, but, but...

    The Government has been accused of “failing to protect” British steel by blocking EU plans to impose tougher sanctions on “aggressive” Chinese steel dumping while the industry stands on the brink of collapse.

    EU Council working party papers seen show the UK is one of 14 countries that, as early as 2014, were seeking to block the EU from axing the so-called “lesser duty” rule, which could allow increased tariffs to be placed on cheap imports.
    Business Secretary Sajid Javid called on the EU in February to use “every means available” against steel dumping in a letter to the European Commission which was also signed by seven other EU business ministers.
    But he later went on to say it would not be right for the EU to scrap the “lesser duty” regulations, which some countries want to end in order to allow higher tariffs on Chinese steel. The US, which has scrapped the rule, is suggesting tariffs of more than 200 per cent on some products.

    The long-standing bid by Brussels to raise tariffs is seen as pouring cold water on claims by Ukip’s Nigel Farage that EU membership is a major factor behind the "massacre" of Britain's steel industry.

    ...

    Dominic King, head of policy at UK Steel, said: “It is galling that the UK Government has not taken action itself and has continued to block these changes in the EU – leaving the steel industry on its knees. Government must support the lifting of the lesser duty rule, otherwise steel manufacturing will be lost in the UK and Europe.”

    Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.

  5. #5

    My post count is Majestic

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    FTA with China is worth it.


  6. #6

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    No mention of KUATB yet?

    https://www.contractoruk.com/forums/...it-issues.html

    An excellent thread from AtW - he definitely deserves rep for that.

  7. #7

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    Personally I feel sure this is to do with delay to Brexit. No-one in Europe will do business with UK steel due to uncertainty.

    UK keeps buying EU steel. Protectionist measures needed.

    Maybe the UK should join the USA and let that nice Mr Trump do what the UK does not have the backbone to do....

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  9. #9

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    Default no mention of British Steel yet?

    nigel has a future there, apparently
    according to some plans.
    Entropy is NOT what it used to be.
    Inertia, however........................

  10. #10

    More fingers than teeth

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    and as huge swathes of British industry close down, Farage is still banging on about project fear not happening.

    Just wait until full on Hard Brexit hits on 1st November.

    I'm alright Jack

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