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Save Our Steel: Industry Demands Summit Help

A summit is hearing that the Government must take "urgent" action to save what's left of the UK steel industry following the collapse of steel-making on Teesside.

As operations are wound down in Redcar for good, with the loss of thousands of jobs, politicians, unions and industry representatives are meeting in Rotherham to discuss what more can be done to protect the remnants from the slump in world steel costs .

Ahead of the summit, the Daily Telegraph reported that Tata Steel (BSE: TATASTEEL.BO - news) - the country's biggest steelmaker - was considering cutting up to 1,000 jobs in a restructuring focussed on its Scunthorpe plant.

The UK's steel industry has been hit by a combination of costs, complaining of high energy bills compared to competitors, higher business rates and the effects of a strong pound.

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Stakeholders say those factors - alongside a tide of cheap steel from China - has simply made UK steel products uncompetitive and left the 30,000 jobs remaining at risk.

Roy Rickhuss, general secretary of the Community union who is attending the summit today, said: "The Government scandalously missed opportunities to intervene and protect the industrial assets in Redcar, which has left a community devastated and taxpayers picking up a bill of hundreds of millions to clean the site.

"This must not be allowed to happen again and what has happened in Redcar should focus everyone's minds.

Business Secretary Sajid Javid, who is chairing the summit, said: "This is a hugely difficult time for the steel industry across the world - one of the toughest times ever.

"It (Other OTC: ITGL - news) is a worldwide problem, and while it will not be solved overnight, we will work closely in partnership with the industry to help find some answers."

There was one bright spot for the industry in the shadow of the summit.

A steelworks in South Wales - mothballed two-and-half years ago - reopened on Friday.

Liberty Steel in Newport (NasdaqGS: NEWP - news) retained the 150 workers on half pay after buying the facility in 2013.

The company said it aimed to produce products "to sustain a whole network of customers and suppliers (Other OTC: UBGXF - news) ."