You seem to have swallowed Thatcherite economics, whole. The flaw in your argument is clear from the final sentence of your reply: social costs are not just fodder for Jeremy Kyle, there is a real economic cost when a community is condemned to death, with all that that implies.
Pennies for every pound spent. It's a bulk product. We have to import ore even if we made steel here. Either way we are import dependent re: blast furnaces.
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With regards to the preferential contracts, I’m fairly certain that is currently illegal under EU law. I remember Vince Cable saying as much. I do agree that without them though it has little hope, as the U.K. has a negligible effect on world steel production.
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