Tag: Pound sterling

BusinessManufacturing

Historic Gateshead Steel Plant Ceases Operations Following Administration Move

A historic steel manufacturing plant in Gateshead has abruptly closed after its American-owned operator entered administration. The Union Electric Steel facility, which had operated for more than 150 years, terminated operations despite recent negotiations with unions. Company executives cited high energy costs and reduced demand as contributing factors to the accelerated closure.

Sudden Closure of Historic Steel Facility

A longstanding steel production plant in Gateshead has ceased operations immediately after the company entered administration, according to reports. Union Electric Steel’s only UK facility was originally scheduled to close in spring but accelerated its exit following unsuccessful consultations about continuing production at the site.

by Darren Holt
EconomyPolicy

Beef Prices Surge 14% As Cattle Shortages Worsen, Trump Eyes Relief Deal

Beef prices have surged 14% over the past year as cattle shortages reach critical levels. The Department of Agriculture reports lean ground beef now averages $7.95 per pound amid declining production forecasts.

Beef Inflation Hits American Consumers

Americans are facing significantly higher beef prices, with ground beef reaching $7.95 per pound on average in August, representing an 8% increase since January, according to reports. The broader beef category has experienced even steeper inflation, climbing 14% over the past year as cattle shortages and production challenges persist across the industry.

by Sarah Collins