UK passes emergency bill to take over British Steel held by Chinese company
The UK Parliament passed an emergency bill on Saturday, the 12th, to keep the factories of British Steel, owned by a Chinese enterprise, operational. According to Agence France-Presse reports, the UK government subsequently announced it would take over British Steel and did not rule out nationalizing it.
The factory of British Steel in Scunthorpe, located in northern England, is in dire straits and faces closure. UK Prime Minister Keir Starmer stated that his government has intervened to "save" this company through legislation.
In an extraordinary weekend session convened on rare occasions, the UK Parliament unanimously approved the operation of the Scunthorpe plant without objection. This factory employs thousands of workers and is the last in the UK capable of producing raw steel, providing critical steel for industries such as construction and rail transport in the UK.
Due to the decline of the once robust UK steel industry and the importance of the steel sector, the UK government considers the potential closure of Scunthorpe's two blast furnaces, which employ 3,500 people, as a risk to the country's long-term economic security.
According to UK media reports, after the emergency bill was passed late Saturday evening, officials were prepared to take over the company.
A government official noted that nationalizing British Steel could be the next step, and Prime Minister Keir Starmer insisted that "all options will be considered to ensure the future of the steel industry."
Protests previously erupted at the Scunthorpe plant, with reports indicating that workers blocked access to key areas of the factory by Chinese executives on Saturday morning.
According to The Times of the UK, British Steel workers drove away a "Chinese high-level delegation" attempting to enter the factory's critical areas.
Meanwhile, Reuters reported that the factory in the Scunthorpe area employs 3,500 workers. Due to the failure to reach a financing agreement with the UK government regarding the transition to a more environmentally friendly steel production method, the future of the factory became a focal point.
The UK Parliament approved this bill after resuming sessions during the Easter recess, authorizing Business Secretary Kwasi Kwarteng to direct British Steel employees and operations and order raw materials to ensure continued production activities in the Scunthorpe area.
Reuters also quoted Kwarteng as saying that full nationalization of British Steel is among the options under consideration.
Source: https://www.toutiao.com/article/1829280393630730/
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