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29 Mar 16
22:29
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05 Apr 02
..... htf can British Steel be owned by a bunch of foreigners from a Third World country that we send millions of pounds aid to and the future of it`s workers decided on the outcome of a meeting in Mumbai? Should never have been privatised in the first place.
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tories taking over
conservatism finished |
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Reports claiming up for sale for £1
Time for workers and unions to buy the company then they can manage it & set pay & conditions for workers. The Unions are pretty vocal when explaining how a complete should be managed - now is their chance to prove they know what they are talking about. |
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The ironic thing is that the Tories will end up Nationalising it to save their face. The UK was once a proud industrial nation until Thatcher decimated it.
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A pound?
I'll have two. |
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Loses a million a day.
Save your pound. |
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All sounds a bit fishy according to a Tata source.
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The UK was once a proud industrial nation until Thatcher decimated it.
The rot set in when we joined the Iron & Steel Community, it has been downhill ever since. The governments of the day have merely been mouthpieces for an organisation that deemed Europe had over capacity and offered grants to reduce capacity. |
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The Tories are systematically destroying this country.
NHS Education Industries etc.etc.etc........ |
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I get a bit annoyed keep hearing how British steel is so brilliant
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oops not finished
 as someone who worked in heavy engineering all his life, the quality of British steel has been deteriorating for 30 years. Swedish steel is far and away the best quality, ours isn't much better than the stuff Italy was pumping out in the 70's. |
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bit like the leggy blondes
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Its the EU that destroyed British steel.
One pleasing side affect is Port Talbot is in Stephen Kinnocks constituency. Another is Rotherham will lose some jobs. That may seem harsh on Rotherham but this is the town who was run by Labour during the systematic rape of a minimum of 1400 girls,who turned a blind eye for the sake of " social cohesion " and yet the people of Rotherham kept voting Labour,vile town. |
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The real reason the jobs are lost in because a mixture of capitalism and Unions.
Unions constantly demand wage increases. Management have a job to maintain a low cost base. Eventually it reaches a tipping point and they head for somewhere far cheaper China/India etc... Manufacturing/processing jobs by there nature go to poor countries where costs are lowest Nothing wrong with it. Its just an economic path all manufacturing companies must go |
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Blaming the Unions for failure of industry in the uk is laughable.
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China been subsidising loss making home steel industry for years
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I remember when the Rover Group was sold for £10 to Phoenix Venture Holdings (PVH).
''Following BMW's break-up of the Rover Group a financially complex deal involving a £500 million "dowry payment" from BMW, resulted in PVH purchasing the Rover marque in May 2000 for the notional sum of £10, relaunching the car company as MG Rover.'' The directors then set about feathering their own nests from the setup. And five years later closed the place. Later it was revealed that the five executives involved took £42m in pay and pensions from the troubled firm before it collapsed. https://en.wikipedia.org/wiki/Phoenix_Venture_Holdings I should think they'll be queuing up to buy the steel company if they can get the government involved in the deal again. |
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A proportion of what would now be TATA's stake in Rotherham steel was the result of the amalgamation of many smaller companies in and around the Sheffield area that became British Steel (from recollection in the 60's)
Many of those companies specialised in metallurgy and steel production and were known to produce superior steels to the humdrum carbon steel thats churned out in many areas. That specialisation still is apparent but on a far reduced scale as everyone caught up and or requirements dropped. In the steel industry of the area the asset strippers made off with much of the value as the companies slowly vanished under Thatcher. The bottom line is that steel will always be required, but times change. You dont see too many Iron Works anymore. |
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If you grow by acquisition don't get into a bidding war...got bid up £2.4bn
 Corus in 2007: On 20 October 2006, Tata Steel signed a deal with Anglo-Dutch company, Corus to buy 100% stake at £4.3bn ($8.1 billion) at 455 pence per share.[21] On 19 November 2006, the Brazilian steel company Companhia Siderúrgica Nacional (CSN) launched a counter offer for Corus at 475 pence per share, valuing it at £4.5 billion. On 11 December 2006, Tata preemptively upped its offer to 500 pence per share, which was within hours trumped by CSN's offer of 515 pence per share, valuing the deal at £4.9 billion. The Corus board promptly recommended both the revised offers to its shareholders. On 31 January 2007, Tata Steel won their bid for Corus after offering 608 pence per share, valuing Corus at £6.7 billion ($12 billion). At the time of acquisition, Corus was four times larger than Tata Steel, in terms of annual steel production.Corus was the world's 9th largest producer of Steel, whereas Tata Steel was at 56th position. The acquisition made Tata Steel world's 5th largest producer of Steel. By late 2014 Tata Group remained £13 billion in debt, which had increased following the acquisition of Corus in 2007. |
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Pretty obvious ironmongering tactics from Tata
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Laughable to criticise Tata as there was a distinct absence of any British consortium wanting to buy British Steel when the Labour minister Pete Mandelsson said the Labour government was happy to say goodbye to metal bashing jobs.
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So according to the lefties, the glut of subsidised dirt cheap steel from China driving steel makers out of business, that we can't do much about because our hands are tied due to the EU that the left wingers love so much, this is all *drum roll* (and no surprise who they blame, same as always):
Thatchers fault and the Tories!. Is there any left winger out there with a brain? I swear, if you didn't meet them in real life you'd think they were made up. Maybe we should all be driving Trabants made under license by British Leyland? Except I think they were made of fibreglass, and wouldn't use much steel  |
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When is big Dave going to tell the British public that the government cant bail out industries as the EU prevents it ?
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Staggering scenes. Under NO circumstances should there be a bail-out with taxpayers money. This business loses a reported ONE MILLION POUNDS a day.
Good luck to the management and workers if they are so confident they can buy the business and turn it around into a winner. |
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it's that good that Jaguar/Land Rover import something like 80% of the steel for their motors
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Actually for national security reasons I'd say we need to keep a core set of skilled people in certain industries, I'm happy to pay some sort of subsidy to keep at least one plant ticking over.
But it's quite ironic that, again, the graudianistas like to complain about Cameron saying "lets get rid of this green crap" when the specific thing he was talking about then was the green taxes that push up UK electricity prices, with TATA paying 82% more for their electricity than German steel plants do..  |
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take the cheap steel from china - make ball bearings with it - trillions of ball bearings and then bomb china with them all at once.
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OR, when they do that thing where they all jump in the air at once, roll a few trillion ball bearings under them.
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themightymac • March 29, 2016 10:48 PM BST
The ironic thing is that the Tories will end up Nationalising it to save their face. The UK was once a proud industrial nation until Thatcher decimated it. No mention the militant unions of the time mac? |
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I see that the Scottish government are bying TA TAs Scottish plant then immediately selling it to another foreign company for the same money.
Why isn't it being bought direct? Underhand subsidy perhaps ie buying with debts then selling on debt free? Must be a reason. |
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I think there is a reason. not exactly sure but it is to do with the furnace.. if you let it cool it is very expensive to get it working again.
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Not only expensive, acc, but letting it cool down alters the physical structure of the furnace, ie expansion/contraction of its bits and pieces.
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I think that's true acc but what Aka is driving at is the wierd financial shenannigans there, rather
than going from company A to company B, it's for a short time being owned by the government. |
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The deal is understood to have been structured to avoid the lengthy due diligence process required for a transaction between two companies.
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"The deal is understood to have been structured to avoid the lengthy due diligence process required for a transaction between two companies."
Is Fred Goodwin giving them advice on this? |
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That doesn't make sense though Brendan unless the SG give them guarantees when they sell it on.
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Carnegie made the best steel.
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if you can support farmers with CAP and tariffs on food imports, what is actual difference with steel makers, car makers? just because farmers are better organised/unionised
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Time to renationalisation our steel industry in the short to medium term.
Industries like steel production are far too important to loss. The Chinese, French,and Italians all directly subsidise their steel industry why is always the British who fail to protect our core industry. Often in the name of capitalism. Most people accept that over regulation and over protection is not a good thing for a successful economy however is not time to also accept that too thew protection leads to the situation we are in now. Some sensible balance between the two is needed. |