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In some cases, the company could decide to absorb the costs themselves, or simply to reduce imports, which would hit foreign exporters - and in the UK's case, British steelmakers exporting to the US.

The steelmaker was recently acquired by the UK Government.

In subsequent years, his ambitions grew only bigger, as his group swallowed up major British industrial giants like the steelmaker Corus and the luxury car manufacturer Jaguar Land Rover.

The UK government said it had a scheme for reducing energy prices for steelmakers, and had committed £2.5bn to support the industry.

The scheme offered a larger discount to heavy energy-using sectors, like glass, ceramics and steelmakers.