Overview

• The UK Parliament approved the Steel Industry (Special Measures) Bill, granting the government authority to direct British Steel’s operations, including ordering raw materials and managing its workforce.
• The emergency legislation follows Jingye Group’s refusal to supply raw materials, threatening the closure of the Scunthorpe blast furnaces, which are critical to the UK’s steel production.
• British Steel’s Scunthorpe site is the last facility in the UK capable of producing virgin steel, with its closure posing significant risks to national security and economic stability.
• Ministers have indicated that public ownership is increasingly likely, as no private investors have stepped forward to rescue the financially struggling plant.
• The new law includes provisions for criminal sanctions against executives who fail to comply with government directives to keep the plant operational.