#EU subsidises the CHINESE steel which is decimating British industry

Posted: April 10, 2016 by tallbloke in Big Green, EU Referendum, government, greenblob, Incompetence, Politics
Tags: ,

china-steelFrom the Daily Express

PUBLISHED: 00:01, Sun, Apr 10, 2016

BRITISH taxpayers have been forced to subsidise the very Chinese steel companies that are threatening 40,000 UK jobs, critics say.

It comes after revelations that the European Investment Bank has given so-called “soft loans” to China of £80million as part of a climate policy intended to lower emissions.

The astonishing figures include a loan of £40million to one of the world’s worst “steel dumping” culprits, the Wuhan Iron & Steel Corporation.

To add insult to injury Wuhun, the world’s eighth largest steel producer, boasts the Chinese state as its main shareholder. Wuhun is such a prolific steel dumper that it has now been especially targeted by the European Commission, which wants to slap it with 36.6 per cent tariffs.

The loan was paid out under the China Climate Change Framework Loan II. The money is supposed to persuade the steel giants to invest in lower emission technology.Furious critics last night pointed out the irony that the loan was concerned with reducing the cost of power generation while one of the complaints of Tata Group is the high cost of energy associated with its steel production operation in South Wales.

Others asked whether Wuhan would have been in a position to dump steel so aggressively if their energy costs had been higher.

Another Chinese beneficiary of British tax pounds was the Shaogang Songshan plant in Guangdong which, in 2008, received €35million (£30million) in EIB funding in the interests of “improving energy efficiency”.
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  1. J Martin says:

    What on earth are the crazies in the EU doing,l leding Chinese companies money to improve efficiency. Madness.

  2. David Richardson says:

    We are truly governed by cretins – unbelievable! Trouble is, it isn’t unbelievable is it??

  3. Australian voters are very excited to see the EU forcing Britain to subsidise the Chinese Wuhun Iron and Steel Corporation, which is decimating British industry, as this will bring a huge boost to the export of Coal and Iron from Australia to China. How British Steel makers and their 40,000 employees will view it is another matter.

  4. BoyfromTottenham says:

    Hi from Oz. Folks, I have a serious dilemma: When the EU day of reckoning comes, I want a ringside seat, but I can’t stand the sight of bleeding human flesh. On a serious note, this sort of revelation should help the ‘Leave’ vote!

  5. Bitter& Twisted says:

    “On a serious note, this sort of revelation should help the ‘Leave’ vote”
    And well it might- but do you think it will be run on the BBC or the rest of the MSM?

  6. Ingeborg Tricker says:

    Yes : LEAVE ,!!!!! Another good reason!