this post was submitted on 09 Apr 2025
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UK govt. won't rule out nationalizing last plant that makes steel from raw material (abcnews.go.com)
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Author: DANICA KIRKA Associated Press, ABC News
Published on: 09/04/2025 | 10:59:54

AI Summary:
British Steel may soon run out of the iron pellets used to produce steel in two massive blast furnaces unless the government steps in. The news comes two weeks after British Steel said it was considering closing the blast furnace. British Steel rejected an offer of 500 million pounds ($640 million) to help modernize the plant. Britain, the world’s fifth-largest steelmaker in 1970, produced just 5.6 million tons of steel in 2023, or 0.3% of global output. By comparison China produced 1.02 billion tons, or 54% of worldwide production. Most have shifted to electric arc furnaces that make steel from recycled material. Industry Minister Sarah Jones says Jingye is continuing to talk with the government. "We have been clear in our belief that the best way forward is for Scunthorpe and British Steel to continue as a commercially-run business with private investment"

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