There’s been a lot of fuss about the European steel industry in recent months, with various spats with the US over tarrifs and production and the like. All fair enough – important industry and what have you.
But when you randomly read that a company which posted profits of about ï¿½287 million (zt1.7 billion) last year, and has been accused of dodgy transactions with those profits, is owned by a multibillionaire suspected of not being averse to trying to use his cash to influence elected officials (including Tony Blair)…
When you read that this company is currently getting subsidies to the tune of ï¿½750 million (c. ï¿½524 million), thanks to a special EU-authorised exemption, in exchange for doing, erm… not a lot really, you really have to start wondering what the pissing hell they’re thinking.
Come on – someone who knows more about business than me – can you explain why a profitmaking company in a profitable industry owned by a multibillionaire whose personal fortune has risen so much he has jumped 59 places up the Forbes global rich list in the last year (to be named 3rd richest man in the world) should receive handouts?