British Steel goes paps up.
This monetarist/market-driven/private sector/neo-liberal/free enterprise thing's gong well, eh?
Only for the ****s who have asset-stripped and squirreled away the manky profits in their tax havens.
Who knew, eh?
Who could possibly have predicted it?
Don’t worry, the money will trickle back down
The rich man in his castle
The poor man at his gate
God made them, high or lowly
And ordered their estate.
I know for a fact that a lot of oil companies wont use Chinese steel due to the poor quality stuff that was getting churned out. Seemed a really naïve, amateur mistake to be producing steel for the global oil and gas industry and not be making sure it was of adequate quality. Considering the stringent tests us inspection bods carry out on all new manufactured gear it was never going to go unnoticed.
10-13 years ago the market was flooded with cheap Chinese steel which Western manufacturers were turning into downhole tubulars and it became quickly apparent that the stuff was a lot cheaper for a reason.
Since then, the rules and spec for what stuff is allowed downhole has tightened up to hopefully weedle out any sh:tty Chinese (or otherwise) kit.
Companies make it easy and just have a 'don't use' policy on any Chinese steel. Id imagine the Chinese have tightened up now but it'll take a while to establish trust in that market given the money at stake.