Full nationalisation of British Steel expected in King’s speech
Summary
The UK government is expected to announce the full nationalisation of British Steel in the King’s speech. This follows the government taking control of the company last year to prevent its closure and protect UK steelmaking jobs.Key Facts
- British Steel employs 3,500 people at its plant in Scunthorpe.
- The government took over daily running of British Steel in April 2023 from its Chinese owner, Jingye.
- Jingye bought British Steel out of insolvency in early 2020 but planned to shut down blast furnaces by April 2025.
- Blast furnaces allow steel to be made from raw materials, and closing them would end UK primary steel production.
- Government costs to keep the plant running were £377 million by January 2024, potentially rising to £1.5 billion by 2028.
- Investors, including Miami-based Michael Flacks, have shown interest in buying the company.
- Another UK steel company suggested merging British Steel with Speciality Steel UK to create a larger steelmaker.
- The government is still negotiating with Jingye and has not made a final decision.
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