I was reading an article about 2 blast furnaces that produce steel being shut down and being replaced with Electric Arc furnaces in the U.K., putting 2800 people out of work. What I learned that I didn’t know was Electric Arc furnaces can only take scrap steel and repurpose it, they cannot make so-called virgin steel from iron ore. Will this limit steel availability in the future as green obsessed governments shut down industries like steel making due to there C02 emissions? The government was subsidizing the transition with a 500 million pound subsidy. The government said the closure would lower the U.K.’s C02 emissions by 1.5%.
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