© Sputnik / Aleksandr Korkka
/ The UK's House of Lords has given initial approval to a bill to help save the British Steel plant in Scunthorpe, which is at risk of closing.
Despite a lavish $1.56 billion investment, the plant is reportedly losing ~$900,000 per day due to high production costs. British Steel is the LAST firm in the UK capable of producing virgin steel – a vital material for the defense industry.
If the company goes bankrupt, the UK will become only G7 nation without its own steel the industry and will be heavily dependent on imports.
The plant is owned by the China-based Jingye Group that might fuel concerns during the current economic shutdown. Obtaining state control and ownership over the plant is now considered to be the only viable option amid Britain’s ongoing industrial crisis.
https://sputnikglobe.com/20250412/will-uk-bid-farewell-to-its-once-flagship-steel-industry---1121863361.html
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