UK to take control of British Steel

London — Britain moved to take control of British Steel and keep its blast furnaces open on Saturday, as a minister told an emergency parliamentary session that a full nationalisation of the UK's last maker of virgin steel was becoming increasingly likely.

The company, owned by China’s Jingye Group, employs 3,500 people at its Scunthorpe plant, whose future had been in question after the government and the company failed to agree a funding deal to switch to greener steel production.

Prime Minister Keir Starmer said that he was taking action to avert the imminent closure of the blast furnaces, which are operating at a loss of £700,000 a day.

Reuters