"“In Scunthorpe, we have been negotiating with the current owner, and an agreement hasn't been met. I can announce legislation has been brought forward, subject to a public interest test, to take full national ownership of British steel.”"
"“Steel is the ultimate sovereign capability. Strong nations in a world like this need to make steel.”"
"“Unions have long known Jingye will not negotiate in good faith. This legislation will cover the whole steel industry - it isn't written solely for British Steel, but it is what will ultimately protect the company from foreign owners.”"
"“British Steel is a nationally strategic asset, and it is right that the Government does everything in its power to secure its long-term future.”"
British Steel will move into full national ownership following failed negotiations with the current owner and concerns about the long-term future of the UK steel industry. Legislation will be brought forward subject to a public interest test to take full national ownership. The change will affect operations at sites including Scunthorpe and Teesside, where about 4,000 workers are employed. The government frames steel as an ultimate sovereign capability and a strategic national asset. Trade unions welcomed the move, citing concerns about the current owner’s willingness to negotiate and arguing the legislation should protect the industry from foreign ownership. Political reactions were broadly supportive, with emphasis on avoiding decline during implementation.
Read at London Business News | Londonlovesbusiness.com
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