British Steel: Nationalisation ‘likely' says business secretary

Nationalisation of the British Steel plant in Scunthorpe is “likely” the UK’s business secretary Jonathan Reynolds said in a rare weekend emergency debate in parliament on Saturday, 12 April.

MPs were debating emergency legislation aimed at blocking the firm’s Chinese owners, Jingye, from closing blast furnaces at the Lincolnshire site after the prime minister warned the future of the company “hangs in the balance”.

If the plant were to shut down, then the UK would become the only member of the G7 without the ability to make virgin steel, which would be a risk to the country’s economic security, the government has said.

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