British Steel should be nationalised in order to protect future generations


British Steel may be nationalised amid growing concerns about the future of its blast furnaces at Scunthorpe.

The company announced last month that it would consult the workers and unions about the proposed closing of these sites, which could put 2,700 jobs in danger.

British Steel said that operating the two furnaces at Scunthorpe was “no more financially sustainable” without support from government. The Chinese company Jingye said that it suffered financial losses of about PS700,000.00 per day.

Rachel Reeves, the Chancellor of the UK, spoke at the weekend with trade unions to assure them that the steelworks were strategically important for UK industry and would be taken over by the public if needed.

Donald Trump, the US president, has just imposed a 25% tariff for all American imports in steel and aluminum.

Prime Minister Keir starmer stated in the Commons on April 8 that British Steel still has “all options” in terms of support from the government.

He said to the Commons Liaison Committee, “We’re doing everything we can for Scunthorpe to have a brighter future.”

The government had already offered PS500,000,000 to partially fund the switch from blast to electric arc kilns. However, this offer was rejected.

According to reports, the furnaces will only continue operating if raw materials essential for their operation are ordered by this week.

Sarah Jones, the minister of business, said in a statement: “Our top priority is to respect workers, protect jobs and retain steelmaking.

“We are clear that British Steel should continue to be a privately-owned business, with government support and private investment.

We call on British Steel to accept the generous financial assistance we offer and its conditions.

“However no option is off the table. The government is resolute to ensure a long-term, stable future for Scunthorpe Steelworks. We want to maintain steel production at the steelworks and put an end to years of uncertainty.

Kemi Badenoch, leader of the Conservative Party, said that nationalizing British Steel should be “a last resort”.

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