Parliament has been recalled from its Easter recess for an unusual Saturday session to deliberate the fate of British Steel. MPs find themselves at a crossroads: either ‘take back control’ of the Scunthorpe steelworks or witness the potential end of primary steel production in the UK, a grim scenario put forth by Industry Minister Sarah Jones. The legislation under consideration could prevent Jingye, the Chinese owners of British Steel, from closing blast furnaces at the Scunthorpe site, utilising public funds to supply materials to the steel plant. This could subsequently pave the way for a change in ownership and save the thousands of jobs currently hanging in the balance. Amidst these discussions, the Jingye Group, which acquired British Steel in 2020, has reportedly invested over £1.2 billion to maintain operations despite daily financial losses estimated at around £700,000. The Government, while seeking private investment for the plant’s long-term future, is prepared to intervene if Jingye does not comply, with the possibility of full nationalisation still on the table. The first Saturday parliamentary recall since the Falklands War in 1982 has been met with approval from unions, but has faced criticism from the Conservative and Liberal Democrat leaders.
This story was adapted by The Lincoln Post from original reporting by www.grimsbytelegraph.co.uk.
