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The Independent UK
The Independent UK
National
Andy Gregory

Explained: Why the government stepped in to take control of British Steel

British Steel Jingye
  • The UK Government has taken Control of British steel's Scunthorpe plant due to fears of closure by its Chinese owner, Jingye.
  • Jingye cited financial unsustainability, tariffs, and environmental costs as reasons for potential closure, risking thousands of jobs.
  • The Government's intervention aims to secure the UK's virgin steel production, crucial for major infrastructure projects.
  • Ministers allege Jingye rejected a substantial Government offer and demanded excessive support, leading to the emergency takeover.
  • While seeking a private investor, the Government acknowledges nationalization is likely, with costs expected to be covered by an existing steel fund.

IN FULL

What happened with British Steel’s Chinese owners and why have the government now taken control?

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