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#EU subsidises the CHINESE steel which is decimating British industry
From the Daily Express
By MARCO GIANNANGELI
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.
Others asked whether Wuhan would have been in a position to dump steel so aggressively if their energy costs had been higher.
Source: https://tallbloke.wordpress.com/2016/04/10/eu-subsidises-the-chinese-steel-which-is-decimating-british-industry/
