The UK government is considering nationalising British Steel, as Sir Keir Starmer on Tuesday vowed to do “everything we can to ensure there’s a bright future” for the Chinese-owned steelmaker’s main site.
The heavily lossmaking company, which employs 3,500 people across three sites in the UK, is at risk after owner Jingye Group and the UK government failed to agree a package of financial support.
A shortage of raw materials required to keep the UK’s last two blast furnaces active at British Steel’s main site in Scunthorpe, Lincolnshire, needs to be resolved within 48 hours, according to people familiar with the matter.
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