High electricity prices hurt UK steel industry

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The price of electricity in the UK has risen sharply recently. According to Reuters, the energy-intensive sectors of the British economy feel the difference in electricity prices in the UK and EU countries, which is increasing for the third year in a row. British companies have to pay for electricity 2 times more than their French competitors, and 50% more than German steelmakers. The leaders of the UK steel companies believe that the British government must take urgent measures to protect the steel industry, which lost 7,000 jobs, or almost a quarter of the workforce, during the crisis period from September 2015 to March 2017. Government protection measures are especially needed by the industry in the run-up to Brexit.

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