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UK to take emergency control of British Steel, with nationalisation on the table (www.reuters.com)

submitted 1 week ago by IndustryStandard@lemmy.world to c/uk_politics@feddit.uk

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LONDON, April 12 (Reuters) - Britain moved to take control of British Steel and keep its blast furnaces open on Saturday, as a minister told an emergency parliamentary session that a full nationalisation of the UK's last maker of virgin steel was becoming increasingly likely.

The government recalled lawmakers, who had been on Easter recess, in order to pass a law enabling it to direct the company's board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running.

Prime Minister Keir Starmer said that he was taking action to avert the imminent closure of the blast furnaces, which are operating at a loss of 700,000 pounds ($915,600) a day.

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[–] tetris11@feddit.uk 7 points 1 week ago (2 children)

Privatise the gains, socialise the losses...

I guess it's maybe a bit cheaper than having all those workers on the dole/gyro, where some money is saved in having them produce goods instead?

My pessimism tends to outweigh a lot these days.

[–] ohulancutash@feddit.uk 4 points 1 week ago

It’s the opposite. It would be far far cheaper to simply pay the workers their full salaries and shut the site down. It’s keeping the furnace running that costs so much that they’re losing £700,000 per day.

[–] HumanPenguin@feddit.uk 4 points 1 week ago* (last edited 1 week ago) (2 children)

The lose of the UK steel making skills and resources. Is considered way more serious.

It would take a few years to get back, up and running. Way longer if it is closed long enough for the skills to need retraining.

With international trade in flux atm. It is more important not to lose our own abilities.

Adding the potential for war with Russia. Placing ourselves in a situation where we cannot make steel is a very high risk. Both economic and military wise

Its worth keeping even if it is basically used as a operational museum just to make expensive steel at a loss.

Also worth considering (with no evidence) this may be exactly why China cares more about home production now steel prices make it harder. They have 0 motive to support our nations steel capacity in the current climate.

[–] ohulancutash@feddit.uk 2 points 1 week ago* (last edited 1 week ago)

In FY 2022-23, shipbuilding for the Royal Navy Type 26 and 31 used £45m of EU steel, and £2.85m of British steel. As for the Dreadnaught submarines, the majority of the steel is French, then Belgian, with less than 5% British steel being used.

That would be an immense increase in production capacity that I don’t see being feasible, especially as UK coal production is now at 0 and the government is against restarting it.

[–] tetris11@feddit.uk 2 points 1 week ago

I can understand that from a long-term point of view of protecting this country's interests and independence.... but I just don't buy that this country thinks that far ahead. This smells more like the usual short-term business shenanigans that we do so well