The UK has nationalised British Steel, the final functioning virgin steel-producing mill in the UK, after it was bought by a Chinese Communist Party-linked company that seemed determined to shut it down.
The Scunthorpe steelworks has been nationalised after the assent of the Steel Industry (Nationalisation) Act to law, effectively confiscating British Steel Limited from its Chinese owner Jingye Group. The UK’s Labour government acknowledged taking on the debt-laden and unprofitable steel mill was an “expensive” decision, but said it was one of strategic importance and that it had saved 4,000 jobs.
The government first took control of the…
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