Europe’s ambitious timetable for building its way out of a dependence on Russian energy faces potential delays and billions of dollars in extra costs as the war in Ukraine makes steel, copper and aluminium scarce and more expensive.
Total and ArcelorMittal Nippon Steel (AMNS) have signed a deal for the supply of up to 500,000 tons of liquefied natural gas (LNG) per year until 2026.
Commodities would be particularly exposed if U.S. President Donald Trump’s decision to impose tariffs on foreign solar panels and washing machines sparks a tit-for-tat trade war with nations around the world.
British Steel ended last year in profit and plans to reinstate the 3% salary sacrifice it agreed with workers when it took over the business last summer.
The loss of thousands of jobs from the closure of a steelworks factory is still being felt one year on, local MPs have said, as new figures suggest at least 160 former staff remain unemployed.
Steel giant Tata said it will consider all expressions of interest in buying its loss-making UK business as a management buyout emerged as a potential saviour of thousands of jobs.
The Government has been outlining its response to the crisis gripping the steel industry as workers at the country’s biggest steel plant await a visit from the Business Secretary.
Ministers have been accused of prioritising trade links with China over support for the UK steel industry as Sajid Javid prepares to meet steelworkers in Port Talbot.
The Government has ruled out nationalising the steel industry to tackle the threat of thousands of job losses after the Prime Minister admitted there were no guarantees of resolving the current crisis.