INEOS Warns of More Job Losses Without Trade Action Against China
INEOS, a global chemical behemoth, has cautioned that without prompt action, more facilities will shut down and thousands more jobs will be lost across the UK and Europe. The company blames soaring energy costs and anti-competitive trade practices, with Chinese imports generating up to eight times more CO2 than their UK-made counterparts.
INEOS has been vocal about the necessity for fair trade safeguards, calling on the UK government and European Commission to implement anti-dumping tariffs on Chinese and US imports. The company recently welcomed the UK government's about-face on penalising the Hull site under the UK Emissions Trading Scheme (ETS). Despite this, INEOS has had to reduce 20% of the workforce at its Acetyls plant in Hull, resulting in 60 job losses. The company's CEO, David Brooks, stated that the decision was not taken lightly, attributing the job cuts to escalating energy costs and anti-competitive trade practices, particularly dirt-cheap, carbon-heavy imports from China.
INEOS, along with other heavyweights like BASF and Borealis, has been advocating for antidumping and antisubsidy measures in the European chemical sector. They are urging the EU Commission and national governments to take swift and decisive action against dumping imports from China and the US. The company has recently invested £30m at the Hull site to transition to hydrogen, slashing emissions by 75%.
INEOS' warnings underscore the urgent need for trade protection measures to shield the European chemical industry. With Chinese imports producing significantly more CO2 and undercutting local products, the UK and Europe risk deindustrialisation. INEOS' investment in green technology at the Hull site demonstrates their commitment to sustainability, but more needs to be done to safeguard jobs and the environment.
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