Builders and carmakers have been hit with emergency surcharges by British Steel to compensate for “exorbitant” energy and transport costs in the latest signal that the UK is caught in an inflationary spiral. The Scunthorpe-based company said customers will be hit with a temporary surcharge of £25 a ton on steel to cover rocketing power prices and £5 a ton for transport costs. Steel production is an energy-intensive operation and the company said it is facing average wholesale electricity power prices 300pc higher than at the start of the year and 400pc higher for gas. British Steel is a major producer of for customers including railways, the construction industry, and sectors such as automotive and consumer goods.
Telegraph 1st Oct 2021 read more »