Britain Secures Steel Future Amid Tensions with China

Britain seized control of its last virgin steel maker from Chinese owners after they planned to close Scunthorpe's furnaces due to a funding deal rejection. The UK government assured sufficient raw material supply and appointed interim leaders, amid the industry's challenges from energy costs and tariffs.

In a bold move, Britain seized operational control of its last virgin steel producer, British Steel, from its Chinese owners after they considered closing the Scunthorpe furnaces following a rejected funding proposal.

The government convened parliament on a rare Saturday session to grant itself powers to manage the plant and secure its raw material supply. By Monday, new interim leadership was designated, ensuring the factory remained operational, thereby avoiding reliance on imports during global trade tensions.

This intervention, affecting 3,500 jobs directly and more indirectly, marks a significant turn in UK-China relations, with political ripples likely reaching beyond the steel industry amid the ongoing challenges from increased energy costs and U.S. tariffs.

(With inputs from agencies.)