UK moves to nationalise British Steel and avoid closure

The UK moved towards nationalisation of British Steel after it recalled parliament to introduce legislation that would keep the company's blast furnaces open, a move aimed at preserving the country's steel-making capability and saving jobs. British Steel, owned by China's Jingye Group, employs 3,500 people at its Scunthorpe plant and supports more in the supply chain. It has warned it could shut its two blast furnaces, which are losing £700,000 (€806,000) a day, as soon as June.

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