Buying companies that lose well north of a million dollars a day sounds like a great economic plan.
Jingye claimed the Scunthorpe site was losing £700,000 a day and was no longer financially sustainable, ahead of the government stepping in last year. The BBC understands that the government is spending about £1m a day to keep the loss-making company going.
Your PM and Obama and Starmer love this model of “investment”. Total wealth destruction.
I think that is the model that Carney is floating in Canada which is laughably called the Canada “Strong” Fund.
The Canadian government is spending $billions to help both Algoma and Dofasco shut down their blast furnaces, Canada is doing worse than Britain when it comes to our heavy industry.
If it’s losing money, it’s easier to siphon off money.
hell ya. when the body is hemorrhaging in 30 different places who’s gonna notice one of the intravenous lines is taking blood OUT ???? ITS its the LIEberal plan from decades ago. now put in place
Well … if you’re going to effectively FIGHT and RESIST the BadOrangeMan’s illegal [sic] tariffs … then communist countries need to follow the example of communist China – nationalize everything for total control.
Sayyyyy … Brian Z. … I think your PM needs to nationalize ALL oil operations in Canada. THAT would show the Orangebadman who’s boss. And just THINK of the public UNION $$$ salaries $$$ those government oil workers would get!?
OTOH … your government would nationalize oil … just to KILL it off in the name of Net Zero … and destroy any suggestion of Alberta independence.
Scun_thorpe being the last remaining blast furnace in the UK, which they sold to the Chinese for stupid reasons.
Blast Furnaces being the only place that can be used to make virgin steel, for important things like armour plate for military equipment and ship hulls, but not very green because they burn coal as part of the process.
Trudeau, and his advisor the Carney worked very hard to convert our remaining steel plants from blast furnaces with Algoma steel shutting down it’s No. 7 blast furnace and related plate rolling plant in January of this year, and only using Electric Arc Furnaces in their plan to “decarbonize” steel. Stelco still has a Blast furnace in Nanticoke, and Dofasco is moving away from their blast furnaces converting them over to EAF by 2026.
Good thing we aren’t trying to build up our military.