According to media reports, the UK government has taken control of steelmaker British Steel, owned by China-based Jingye Group, to prevent the closure of two blast furnaces at its Scunthorpe plant. The shutdown of the furnaces would mean the end of primary steel production in the UK.
At the end of March, British Steel started the consultation process for the closure of two blast furnaces at the Scunthorpe plant, following Jingye’s rejection of a £500 million support package offered by the UK government, as SteelOrbis previously reported.
As a next step, the government is likely to nationalize the Scunthorpe plant, which employs 2,700 people.