British Steel is taken into public ownership to save UK supply

"UK Steelworks Secured: Government Takes Control of Scunthorpe Factory in National Interest Move. In a major development, the British government has formally taken over the Scunthorpe steelworks from Chinese conglomerate Jingye, marking a significant shift in the country's industrial landscape. The move, facilitated by the Steel Industry (Nationalisation) Act, comes 15 months after the government intervened to prevent the closure of the factory, which would have resulted in the loss of over 4,000 jobs. As part of the takeover, ministers will now seek to assess compensation for Jingye, raising questions about the terms of the nationalization and the future of the steel industry in the UK."

Scunthorpe factory is expropriated from China’s Jingye and ministers will ask a valuer to assess compensationBritish Steel has formally been taken into public ownership 15 months after the government stepped in to prevent the closure of its steelworks in Scunthorpe and the loss of 4,000 jobs.Keir Starmer on Thursday said that it was in the national interest for the government to take over the factory from its Chinese owner, Jingye, in one of the last significant actions overseen by him as prime minister after the Steel Industry (Nationalisation) Act received Royal Assent on Wednesday. Continue reading...