UK Considers Nationalizing Chinese-Owned British Steel
The closure of British Steel’s UK operations would put thousands of jobs at risk in Scunthorpe and Teesside, both in northern England.
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The UK is seriously considering nationalizing Jingye Group’s British Steel, as ministers rush to rescue the country’s last steelmaker from the prospect of permanent closure.
Amid concerns the manufacturer’s main plant in Scunthorpe faces imminent closure, Britain’s Labour government is holding active discussions about taking it into public ownership, according to people familiar with the matter who spoke on condition of anonymity about plans that haven’t been finalized and may not materialize. Ministers will do whatever it takes to save British Steel from collapse, they said.