Tide
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UK’s steel industry could be saved with wood pellets
The steel industry in Britain is almost bankrupt. Yet, Sanjeev Gupta believes that he could save the industry by using wood pellets and sea tides. Gupta has earned a fortune from processing steel and production metal parts in Asia and Europe and now wants to aim his Liberty House Group at the collapsing UK steel industry. Global oversupplies of Chinese imports, along with the high costs, have shut down many mills in Britain. Thus, Gupta hopes that by procuring distressed assets and using scrap metal instead of iron ore, may change the economic perspectives of the business, with a little help from the government too. The solution would be cheaper electricity for furnaces, as the country’s rates are already twice as big as the European average. In 2013, the group owned by Gupta bought acquired a shuttered mill in Newport, Wales, and then bought an aging power plant nearby. Now,... Continue reading
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October 26, 2016
UK’s steel industry could be saved with wood pellets
The steel industry in Britain is almost bankrupt. Yet, Sanjeev Gupta believes that he could save the industry by using wood pellets and sea tides. Gupta has earned a fortune from processing steel and production metal parts in Asia and Europe and now wants to aim his Liberty House Group at the collapsing UK steel industry. Global oversupplies of Chinese imports, along with the high costs, have shut down many mills in Britain. Thus, Gupta hopes that by procuring distressed assets and using scrap metal instead of iron ore, may change the economic perspectives of the business, with a little help from the government too. The solution would be cheaper electricity for furnaces, as the country’s rates are already twice as big as the European average. In 2013, the group owned by Gupta bought acquired a shuttered mill in Newport, Wales, and then bought an aging power plant nearby. Now,... Continue reading
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UK’s steel industry could be saved with wood pellets
The steel industry in Britain is almost bankrupt. Yet, Sanjeev Gupta believes that he could save the industry by using wood pellets and sea tides. Gupta has earned a fortune from processing steel and production metal parts in Asia and Europe and now wants to aim his Liberty House Group at the collapsing UK steel industry. Global oversupplies of Chinese imports, along with the high costs, have shut down many mills in Britain. Thus, Gupta hopes that by procuring distressed assets and using scrap metal instead of iron ore, may change the economic perspectives of the business, with a little help from the government too. The solution would be cheaper electricity for furnaces, as the country’s rates are already twice as big as the European average. In 2013, the group owned by Gupta bought acquired a shuttered mill in Newport, Wales, and then bought an aging power plant nearby. Now,... Continue reading