High quality steel making is the foundation of a modern manufacturing economy and the whole industry in Britain must be returned to public ownership. To leave the future of this foundation industrial sector in the hands of hedge funds and other private owners who care only about profits and base their investment strategies on quick returns and public subsidies is highly irresponsible.

It must also be recognised that the scale of state aid needed to protect steelmaking in Britain, including guarantees to the suppliers, contractors and workers in the supply chain and controls on imports from Europe (which are seven times those from China), would breach the very EU policies which have already done huge damage to the steel industry here. That is why EU rules will have to be defied by any British government that genuinely wants ro safeguard the long-term future of the industry.