SSI’s decision to close its steel plant in Redcar – which is expected to result in 1,700 job losses – has led to the Government setting up a steel summit.
Along with substantial falls in steel prices, the UK’s uncompetitive electricity prices have been a contributing factor to the closure of the plant in Redcar.
Subsequently, the Global Warming Policy Forum is calling on the Government to scrap Britain’s unilateral Carbon Floor Price, which is contributing to the crisis of UK steel and other energy intensive industries.
The GWPF has been consistently warning about the rising policy cost of electricity prices which are expected to increase by 47% by 2020 for large industrial energy consumers. The UK’s extra large users of electricity are already paying nearly twice as much for power as the EU average.
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