The UK government has nationalized British Steel to protect the nation’s steelmaking capacity after the company’s Chinese owners moved to shut the plant’s blast furnaces.
Background
British Steel and its forebears have been making steel at Scunthorpe for more than 130 years, building on the UK’s development of improved steelmaking technology during the Industrial Revolution. The plant currently employs about 2,700 people.
The Department for Business and Trade announced the move, saying it would save thousands of jobs and protect the UK’s national interest by ensuring a supply of domestically produced steel for major construction projects and the defense industry.
An independent evaluation will be carried out to determine whether any compensation will be paid to the firm’s former owner, China’s Jingye Group.
Original reporting: KTBS 3 (Shreveport) — read the source article.
