"British Steel operates the last two remaining blast furnaces in the UK but it is still economically controlled by the Chinese company, which bought it out of insolvency in early 2020."
"Ministers moved to designate the steel industry as vital to national security last week, a move that could clear the way for a nationalisation on those grounds."
"Shutting the plant would have ended Britain's primary steel-making ability because blast furnaces allow the metal to be made from scratch, rather than relying on scrap."
"The cost of keeping British Steel running had ballooned to £377 million by the end of January this year, and could exceed £1.5 billion by 2028 if it continues at its current rate."
British Steel is expected to be fully nationalised shortly, a year after the government took over its operations from Chinese owner Jingye. The steelmaker, crucial for the UK’s steel production, employs 3,500 people and operates the last two blast furnaces in the country. The government has offered £100 million for the company but was rejected. The cost of maintaining British Steel has significantly increased, prompting officials to resolve ownership issues quickly to facilitate future investments.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]