Last UK blast furnace closes as steel industry migrates abroad, marking end of era but opening door to greener future
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Britain was once the world's top steel producer, but now barely has any steel industry left as production has shifted to cheaper locations like China
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The closure of the remaining blast furnaces in Port Talbot is driven partly by the high costs of production and partly by Britain's net zero ambitions
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While the closure is devastating for those local communities and workers, it may allow investment to shift to more profitable, higher-value industries
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There are strategic risks to not having any domestic steel production during conflicts, but economically it makes sense to outsource commodity materials
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The shift away from heavy industry and towards services reflects economic evolution, even if it is painful for those in old industries like steel