The mothballing of SSI: is all lost for Teesside?

Three weeks ago, SSI Redcar decided to mothball its Teesside steel plant citing a recent drop in world steel prices. The plant is one of the last large survivors of an industry that has been declining for years. There are, understandably, big concerns about the effect of eventual closure on local employment. Many commentators worry that the job losses will extend beyond those working in the plant itself. The end result, we are told, could be the loss of 2,000 direct jobs plus thousands more from contractors and other firms in the supply chain. And these concerns aren’t just limited to a fall in future orders: SSI Redcar currently owes suppliers more than £10m.