Steel profits on the up

This indicates that it expects to make a modest profit this year of around £40million during the 10 months of its management, and looks towards an increase on this next year to around £100million or more.

All of this turnaround has been achieved without any massive Government assistance and essentially by better application and methods.

However, that profit depends on government reforms of punitive energy costs, environmental taxes and business rates, which helped send Tata Steel into £1million-a-day losses and hastened the Indian group’s decision to sell off its UK interests.

The Government needs to make the playing field level for all UK companies, and stop the abuses carried out by overseas companies, and the overt and covert participation of governments unfairly subsidising products.

I look forward to more good news from this company as it continues in this vein, and to its growth at both Skinningrove and Teesside plants.

In addition to the profits growth, it also expects to increase employment by a further 350 next year.

If it happens, it will be terrific news for all concerned.

We do still have a steel industry and this company has demonstrated it.

What we now want is our Government to do the same.

Chris Gallacher, TD VR,

Chairman,

UKIP Redcar,

Normanby Road,

Middlesbrough.