Hi U2isthebest;--No, not really in this case, it's an interesting interpretation, but this song is quite explicitly a folk ballad about the '84-'85 British coal miners' strike and the destruction of many miners' marriages due to the strains created by the mass closures of mines. One couplet you quoted from, Through hands of steel and heart of stone/Our labour day has come and gone is a direct, bleakly punning reference to Thatcher's British Coal chairman, Ian MacGregor, who was initially invited to Britain by Labour (the party) and worked for British Steel (where he cut thousands of jobs), before being appointed by Thatcher to British Coal, where--again--he cut thousands of jobs.
Bono, quoted in Niall Stokes' Into the Heart: "Red Hill Mining Town is a song about the miners' strike and the only reference to Ian MacGregor is Through hands of steel and heart of stone/Our labour day has come and gone. People beat me with a stick for that but what I'm interested in is seeing in the newspapers or on television that another thousand people had lost their jobs. Now what you don't read about is that these people go home and they have families and they're trying to bring up children. And, in many instances, these relationships broke up under the pressure of the miners' strike. The glass is cut/The bottle run dry/Our love runs cold/In the caverns of the night/We're wounded by fear/Injured in doubt/I can lose myself/You I can't live without/Because you keep me holding on. I'm more interested in the relationship at this point in time because I feel other people are more qualified to comment on the miners' strike. That enraged me--but I feel more qualified to write about relationships because I understand them more than what it's like to work in a pit."