Irish seek record £50m steel aid
Thursday 09 February 1995
The 300-strong Irish Steel company needs an estimated £50m in aid - £166,000 per employee - when the European steel industry is struggling from overcapacity. British Steel takes a tough line on state support, having resorted to legal action in an attemptto stop subsidies to Italian and Spanish firms.
The position of the Government may be less emphatic. An objector to many previous steel and airline subsidies, it may be about to soften its line, or so it is feared among Europe's private steel firms.
British Steel would only say that its opposition to aid was well known. But an analyst said: "Such a large grant for an industry that desperately needs to slim down is absurd. But these are politically sensitive times in Anglo-Irish relations." It would test ministers' resolve and British Steel's patience."British Steel has done its painful restructuring without state help and feels European competitors have an unfair advantage."
Irish Steel has received an estimated £200m in state aid since it was founded in 1938 in Cork, an area devastated by unemployment. The company is said to be losing about £1m a month, despite recent cost-cutting including a reduction in staff from 500 to 300. The proposed injection of state funds was to have been about £25m, though Irish government sources confirm the figure is more likely to be about £50m over three years.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
- 4 How the language you speak changes your view of the world
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...