UK considers nationalising British Steel

Unlock the editor’s digest in the

FT editor Raula Khalaf selected his favorite stories in this weekly newsletter.

The UK government is considering the nationalization of British steel, such as Sir Care Starmar on Tuesday promised to do everything we can do to “ensure that there is a bright future for the Chinese -owned steelmaker’s main site.”

Heavy damage to the appointed by the appointed in the UK is at risk at the owner of the owner jinge and the then at risk UK government Failed to agree to a package of financial assistance.

According to people known about the matter, the last two explosions of the UK on the main site of British steel on Lincolnshire need to be resolved within 48 hours.

People say UK officials are examining alternatives to buying coal and iron materials needed for short -term reactors because British steel has not yet ordered them, people said.

The explosion reactors will be difficult to restart and if they are disabled and they are allowed to cool the metal inside them. Closing the scantorp facility, which provides 95 percent of the UK rail track, will at risk of 2,700 jobs at risk and leave the UK without the ability to make steel from scratch.

Starmer said that the discussions with Zing were “running” and reiterated its position that “all alternatives are on the table”. Business Secretary Jonathan Renolds is due to meet the executives of the company on Wednesday.

“We are doing our best to make sure that there is a bright future for the scantorp,” Starmer said.

He also added that “I am absolutely committed to steel production in this country”, and Steel Works Plants have highlighted any “capacity reduction” workforce, community and any “impact” in the country.

According to people familiar with conversation, Chancellor Ravel Rivel said in the calls of trade union chiefs that he was open to the alternative to bringing British steel into public ownership, according to people familiar with conversationThe

However, the Minister of Industries Sara Jones emphasized that “the best way to do” as a commercially managed business for British steel, acting in support of private investment and government support “is not a nationalization resource.

Both sides have discussed after an uproar on £ 2 billion deals to switch towards low polluting steel making. The government has given the British Steel Chinese owner of $ 500 million state assistance, less than $ 1 billion requested.

The ministers are not considering Zingay to offer a more generous offer of the UK government, a government figure.

British Steel refused to comment.