The Economic Times

UK nationalises Chinese-owned British Steel to protect nation's steelmaking capacity

The United Kingdom government has nationalised British Steel to secure its steelmaking capacity. This move protects thousands of jobs and the nation's vital supply of domestically produced steel. The government took operational control after the Chinese owners considered closing the plant's blast furnaces. These furnaces are the last in the UK to produce virgin steel from raw materials. An evaluation will determine compensation for the former owner, Jingye Group.