Based on recent announcements, production of steel from iron ore will end in UK within a few months. Britain was the world leader in developing commercial steel production in the 19th century. This will be first time in over 150 years that Britain will be without commercial blast furnaces.
The foreign owners of the plants plan to shut down the last remaining UK facilities that convert iron ore into steel. The only thing left will be smaller plants with electric furnaces to melt scrap steel. High costs and restrictive environmental regulations have been factors in the closures.
World steel product is now centered in Asia with China producing over half of the world’s steel. India’s steel production is about equal to that of the EU.
What are the implications of abandonment of basic industries in the UK and other western countries?