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British Steel

All articles tagged with #british steel

business19 days ago•3 min saved

Starmer Pushes Public Takeover of British Steel

Labour leader Keir Starmer announced that Parliament will enable full public ownership of British Steel, subject to a public interest test, after the government seized Scunthorpe’s plant from Chinese owner Jingye and found a private sale unlikely. He framed the move as in the public interest to protect national security and critical infrastructure, while unions welcomed the decision. The government has shouldered substantial ongoing costs to keep Scunthorpe running, and a future independent valuation will determine any compensation to Jingye as a long‑term investment plan and strategy for British Steel are developed.

via BBC|

#british-steel #business #jingye

business2 months ago•2 min saved

Scunthorpe steel bailout could cost taxpayers up to £1.5bn by 2028, says NAO

The National Audit Office warns that the government’s rescue of Scunthorpe’s blast furnaces could top £1.5bn by 2028 if current costs persist, with £377m already spent on a loan to British Steel. The intervention saved thousands of jobs and protected primary steel-making, but total costs could rise further due to potential compensation to Jingye, sale costs, and the expensive transition to greener electric-arc furnaces, all while the DBT has no repayment schedule and faces trade-offs with other spending.

via The Guardian|

#blast-furnaces #british-steel #business

business2 years ago•4 min saved

"British Steel's Closure Plan Threatens 2,000 Jobs and Polluting Blast Furnaces"

British Steel plans to close its blast furnaces in Scunthorpe, putting up to 2,000 jobs at risk. The company aims to replace them with two electric arc furnaces, one in Scunthorpe and one in Teesside, as part of a £1.25bn proposal to become a "clean, green and sustainable business." The plans are subject to government support. Unions estimate that the shift could lead to the loss of 1,500 to 2,000 jobs. The closure of the blast furnaces would leave the UK without the ability to produce "virgin steel," but the government argues that electric arc furnaces can cover most of the country's steel needs.

via BBC.com|

#blast-furnaces #british-steel #business

business2 years ago•4 min saved

"British Steel's Furnace Closure Puts Thousands of Jobs at Risk"

British Steel plans to close its blast furnaces in Scunthorpe, putting up to 2,000 jobs at risk. The company aims to replace them with two electric arc furnaces to make the business more environmentally sustainable. The proposal is subject to government support, and if approved, the new furnaces could be operational by late 2025. Unions express concern over the migration timeline and the potential loss of jobs. The UK government is discussing a support package of around £300m to £500m to transition the steel industry to greener practices.

via BBC|

#blast-furnaces #british-steel #business