Overview

• The UK government has assumed operational control of British Steel's Scunthorpe plant, the last UK facility capable of producing virgin steel, to prevent its shutdown.
• Emergency legislation was passed after Chinese owner Jingye Group reportedly canceled raw material orders, risking the costly closure of blast furnaces.
• Business Secretary Jonathan Reynolds has indicated that full nationalisation of British Steel is the most likely outcome, though private sector involvement is still being explored.
• Raw materials from the US, Australia, and Sweden have been secured to keep the furnaces operational for the coming weeks while long-term solutions are sought.
• China’s embassy in London has condemned UK politicians for anti-China rhetoric, warning that it could harm economic and trade relations between the two nations.