Overview

• The UK Parliament passed an emergency law on April 12, 2025, allowing the government to temporarily take control of British Steel's operations in Scunthorpe.
• The intervention aims to prevent the closure of the UK's last two blast furnaces, which are losing £700,000 daily, and to protect approximately 2,700 jobs.
• Negotiations with Chinese owner Jingye failed after the company demanded hundreds of millions of pounds, which the government deemed excessive.
• A £2.5 billion fund will support the steel sector, with officials confirming that the intervention will not result in tax increases.
• The government has not ruled out nationalization as a future option, but the current focus is on maintaining operations and ensuring economic stability.