Overview

• The UK Parliament has been recalled for a rare Saturday session to address the imminent threat of closure at British Steel's Scunthorpe plant, the nation's last blast furnace facility.
• The Steel Industry (Special Measures) Bill would empower the government to direct British Steel's operations, with nationalisation remaining a potential outcome.
• Chinese owner Jingye has rejected a £500 million state rescue package and cancelled raw material orders, jeopardizing 3,000 jobs and the plant’s future.
• Prime Minister Keir Starmer emphasized the strategic importance of preserving British Steel, citing risks to national security, economic stability, and industrial capability.
• Union leaders and some political figures support nationalisation as the only viable solution, while others advocate for a commercial alternative to avoid long-term taxpayer burdens.