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By Paul Homewood
Crippling climate change levies are forcing Britain’s steelmakers to cut production after a doubling in the cost of carbon emissions in just nine months.
Record carbon prices are making it “all but impossible to increase production competitively” once emissions permits have been used as steelmakers struggle to take on producers in less climate-friendly countries, according to UK Steel.
The industry group estimates that costs are increased by £175 for every additional tonne of steel produced above their free emissions permits, equivalent to around 30pc of current steel prices globally.
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