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Old 22nd May 2019, 17:49   #121
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Maybe a finger should be pointed at the actual "owners" of British Steel who bought it for a quid, amassed a pile of debt from bankers who should know better had they looked at Greybull's form which isn't exactly top notch, having overseen the demise of Comet and Monarch in recent years. I would imagine this has had more influence on the situation than the B word
A vivid imagination then Nick!!

I grant you any organisation that buys a Steel Works (or a Car Manufacturer) for a quid is not likely to be “top notch” because let’s face it - if it’s worth that much then you get a whole heap of issues.

But the reality of the ETS £100million bill and the rules we are still tied to - sadly - regarding “You know who” not allowing government help means that those who yet again have lost their jobs due to the machinations of “You know who” - most likely had any positive feelings they had towards it modified somewhat.

A bit like the guys who lost their jobs at the Transit Factory in Eastleigh when “You know who” conjured up an £80M loan to Ford to move production to Turkey.

They can do that so we lose those jobs

And then give British Steel a £100M bill so it is pushed over the edge.

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Old 22nd May 2019, 22:37   #122
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A vivid imagination then Nick!!

I grant you any organisation that buys a Steel Works (or a Car Manufacturer) for a quid is not likely to be “top notch” because let’s face it - if it’s worth that much then you get a whole heap of issues.

But the reality of the ETS £100million bill and the rules we are still tied to - sadly - regarding “You know who” not allowing government help means that those who yet again have lost their jobs due to the machinations of “You know who” - most likely had any positive feelings they had towards it modified somewhat.

A bit like the guys who lost their jobs at the Transit Factory in Eastleigh when “You know who” conjured up an £80M loan to Ford to move production to Turkey.

They can do that so we lose those jobs

And then give British Steel a £100M bill so it is pushed over the edge.
All valid points DD .... Yet there are still types who drive past that Steel Works yelling serves you right for voting Brexit!

Our membership of the parasitic aspects of the EU played no small part in the destruction of UK Indigenous Industry still ongoing and that means exporting more careers and jobs to the mainland. Today's decision to turn backs and NOT support the Steel Works with UK Taxes is something beyond our control thanks to those EU directives which have hog tied our hands here. Yet, covert Government support like that have been commonplace on the Mainland for decades. Ways and means.

Yes, saving that Steel Works is beyond our control.

"Taking back Control" was not simply a slogan back in 2016, it is a valid statement and taking control of all our own affairs is something which needs to happen sharpish. Yet still those who think they know better than the rest of us still plan to NOT act on the Nation's wishes and best interests.

A strong message needs to be sent ..... again!
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It has to be made to make sense... with emphasis on MADE in GB
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Old 22nd May 2019, 23:41   #123
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What company anywhere has to borrow millions in order to pay a massive "Green Taxl" ?

The whole EU carbon thing needs to be exposed for what it really IS!

Penaiise the UK and buy uber-cheap Chinese Steel dump offs without tariffs on the Mainland.

Only in the UK. The land of mugs and folks worldwide form long queues to take advantage.

... and still there are those determined not to see things as they really are.
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Old 23rd May 2019, 08:34   #124
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I think its somewhat more complicated than just an environmental tax bill. One must assume Greybull knew that was coming (or ought to have done). They promised to invest £400 million in the plant. Would be interesting to see if they actually did. None of us really knows the true reason for its collapse as we are not in command of all the facts. Greybull will probably not suffer too much as all the finance came from clueless bankers who for some reason often seem prone to being sucked in by venture capitalists whose main aim is a quick profit in a short period of time. Nothing new there though. I see Phillip Green is having a few problems as well. Sir Shifty at his best. He won't suffer though as I think he dumped a shed load of cash into his wife's name. Mind you having seen a few photos of Mrs Green I wouldn't want to venture down a dark alley with that one.
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Old 23rd May 2019, 09:15   #125
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I think its somewhat more complicated than just an environmental tax bill. One must assume Greybull knew that was coming (or ought to have done). They promised to invest £400 million in the plant. Would be interesting to see if they actually did. None of us really knows the true reason for its collapse as we are not in command of all the facts. Greybull will probably not suffer too much as all the finance came from clueless bankers who for some reason often seem prone to being sucked in by venture capitalists whose main aim is a quick profit in a short period of time. Nothing new there though. I see Phillip Green is having a few problems as well. Sir Shifty at his best. He won't suffer though as I think he dumped a shed load of cash into his wife's name. Mind you having seen a few photos of Mrs Green I wouldn't want to venture down a dark alley with that one.
Well they did return British Steel to profit in 2017 and 2018. Which is quite an achievement given that all Steel makers in the U.K. suffer the highest energy costs in the world and on top of which they pay further huge sums via the EU’s ETS.

Steel manufacturing in Europe as a whole is having a seriously bad time because of high tax cost. Tata Steel and the German Firm Thyssenkrupp have suspended their proposed joint deal or possible merger precisely because the economic conditions in the EU are not conducive to success for industries such as the steel industry.

But the Maths is clear. (Unless you are wilfully and deliberately blind) - if £400million WAS invested - then a GREEN TAX BILL OF OVER £100million is going to be a huge impact upon the company.

This £100m HAS to be found out of profit - which is bad enough - but as British Steel was hardly producing profit in that order of magnitude - then this £100 million EU bill via its ETS has to be found from the capital account.

It’s unworkable.

Which is a significant metaphor for the bigger picture the majority seems to be understanding
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Old 23rd May 2019, 09:23   #126
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The cynic in me suggests the £100m bill excuse is a red herring to deflect attention away from the investors failings to some extent, although of course trying to make steel in the UK when the Chinese are around is some challenge.
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Old 23rd May 2019, 09:40   #127
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The cynic in me suggests the £100m bill excuse is a red herring to deflect attention away from the investors failings to some extent, although of course trying to make steel in the UK when the Chinese are around is some challenge.
That’s one hell of a red herring....
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Old 23rd May 2019, 09:46   #128
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May well be but none of us on here is in command of the entire picture or facts so I guess in time more may come out as to what has really been going on
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Old 23rd May 2019, 09:54   #129
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May well be but none of us on here is in command of the entire picture or facts so I guess in time more may come out as to what has really been going on
I genuinely believe there is enough info out there for the reality of the situation to be seen. Profitable two years running then a £100million bill does focus ones attention somewhat.
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Old 23rd May 2019, 09:57   #130
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Well I don't. Rarely can we know the real truth in these situations via the press and Goole.
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