UK steel production hits 90-year low.

(Schematic, European News Agency)

[Financial Channel/Comprehensive Report] Reduced demand and high energy prices have hit the British Iron Man hard.

According to statistics, the UK's steel production in 2022 will drop by 17% to 6 million tons, hitting a 90-year low and the worst record since the Great Depression in the 1930s.

The British "Times" reported that British Steel said that the UK's crude steel production has fallen to the lowest level since the Great Depression in 1932. Last year, it fell by as much as 17%. The 10 percent drop in the EU was even higher, raising serious questions about the UK as an industrial economy.

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Chrysa Glystra, an analyst at British Steel, said the reduction in steel production was partly due to reduced demand, but high energy prices had clearly had an impact on British industry.

British Steel emphasized that there are 34,000 employees engaged in the industry, and there are tens of thousands of people in the steel supply chain. It is now at a critical moment, and actions must be taken to maintain competitiveness. It is also an important moment for decarbonization and transformation.

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