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EU subsidises the CHINESE steel which is decimating British industry

April 10, 2016

By Paul Homewood




Sometimes I really despair. 


From Tallbloke:


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.


Read the full story here.

  1. David Richardson permalink
    April 10, 2016 10:20 pm

    Hell Bells – What a bloody farce.

    Mrs R says stop reading that Paul Homewood late at night, you know it stops you getting to sleep. It’s a good job I don’t suffer with high blood pressure – well I didn’t anyway.

    • April 13, 2016 12:07 pm

      My wife says the same: maybe we could start a class-action case?

  2. markl permalink
    April 10, 2016 10:32 pm

    Meanwhile China is the world’s largest polluter and openly states they will increase their pollution output until 2035 at which time they’ll evaluate whether or not they’ll do anything about it. They must think “the West” are dumber than rocks. Not only are they being handed industrial superiority but they are also being paid to take it! When will people wake up to what is happening before their very eyes?

  3. S Allnutt permalink
    April 11, 2016 7:07 am

    We have a situation where the EU has a goal of reducing CO2 emissions and passes laws to make it expensive for European firms with efficient plat to emit CO2, and then subsidies less efficient Chinese to make steel which produces a greater amount of CO2 plus more to transport it to Europe. In total they are causing the destruction of European industry and producing greater amounts of CO2. Not well thought through unless deliberate.

  4. igsy permalink
    April 11, 2016 8:04 am

    Ottmar Edenhofer, IPCC Honcho, AR4 lead author: “… developed countries have basically expropriated the atmosphere of the world community. But one must say clearly that we redistribute de facto the world’s wealth by climate policy. Obviously, the owners of coal and oil will not be enthusiastic about this. One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with environmental policy anymore, with problems such as deforestation or the ozone hole.”

    At least some of them are honest about it all.

  5. April 11, 2016 8:38 am

    ‘so-called “soft loans” to China ‘

    Soft-in-the-head loans.

  6. BLACK PEARL permalink
    April 11, 2016 10:32 am

    Problem is a large swath of the population still believe and ‘live in bliss’ or fear, to what they’ve been programmed for years on both climate issues and the EU and unless full widespread open informative debate is allowed on the major media stations, the ‘undecided’ could well vote to stick with the current situation. Govts know how to control & manage the plebs they’ve done it for millennia.

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