Many people were sympathetic to the idea of bailing out British Steel. Why not other big employers?
BRITAIN’S ONCE-GLEAMING steel industry has grown rusty. In 1970 the country was the world’s fourth-largest producer, behind only America, Japan and West Germany. Since then it has tumbled down the global rankings. Production has fallen by two-thirds. And it is about to get even lower: on May 22nd British Steel, the country’s second-largest producer, collapsed, after rescue talks between the government and the company’s owner broke down. Some 5,000 jobs in Scunthorpe and Teesside are at risk.
British Steel’s woes have led some to argue that Britain should rediscover interventionism. One argument put forward for a bail-out is that a thriving steel industry is the basis for a healthy manufacturing sector. Yet it is not clear why Britain needs to produce its own steel, since there is a healthy global market in the commodity.
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