BRITISH Steel has been taken back under public ownership as the Government looks to save thousands of jobs.
The Department for Business and Trade said the decision had been taken in the “national interest”.
The Government took control after Chinese owners Jingye threatened to pull the plug on blast furnaces Credit: PA
The Department for Business and Trade said the decision had been taken in the ‘national interest’ Credit: PA
The Government took control after Chinese owners Jingye threatened to pull the plug on blast furnaces in Scunthorpe, Lincolnshire.
Concerns were first raised that Jingye intended to close the plant in September 2024.
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They were ramped up when the firm stopped purchasing additional raw materials and started selling supplies.
This was followed by reports that Whitehall officials were considering extinguishing the historic furnaces for good to save money.
It meant that jobs for two thousand workers in the steel town were hanging in the balance.
Sir Keir Starmer said: “Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability.
“British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength.
“This government will always act in the national interest to support British industry, strengthen our economy and ensure the industries we rely on can thrive long into the future.”
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