Part 7/9:
The Rise of China: An Industrial Strategy
The situation faced by British Steel reflects larger global dynamics, particularly the rise of China as a behemoth in steel production. From accounting for approximately 13% of global production in 1995 to soaring to 54% by 2023, China’s dominance has been bolstered by heavy subsidies, allowing it to undercut global prices and systematically dismantle competition across the board.
The UK’s reliance on imported Chinese steel has proved detrimental. Communities long reliant on steel manufacturing have suffered significant economic decline, with entire towns, like Sheffield, experiencing stark job losses and social upheaval—highlighted even in cultural references such as the infamous film "The Full Monty."