China is being blamed for dumping cheap steel exports on Europe and thus the cause of the imminent closure of the massive Tata Steel works at Port Talbot in South Wales with the loss of thousands of jobs.
If ever there’s an industry which is so capital-intensive that workers’ rates of pay makes hardly any difference, it is steel making. But employing too many workers and office staff, plus not modernizing sufficiently, plus both management and trade unions being locked together in mutual protective practices make all the difference.
It’s exactly what crippled seven different car industries in my home town, Coventry, in the 1970s and brought the city down from prosperity to the reality of economic depression which has lasted ever since. The truth of the matter was never revealed then. Nor is it now in South Wales.