According to a report by Reuters on April 12, the British government decided on the same day to take over British Steel and keep its steelmaking furnaces running. It is reported that once the steelmaking furnaces at British Steel's Scunthorpe plant are closed, the UK will become the only country in the Group of Seven that cannot produce primary steel using iron ore, coke and other raw materials.
The report said that the British government urgently recalled lawmakers who were on Easter recess in order to pass an emergency law, enabling the British government to take over British Steel and order raw materials to keep the furnaces running. British Prime Minister Keir Starmer said that he was taking action to prevent the furnaces from closing, which are losing up to £700,000 ($950,000) a day (1 pound is approximately equal to 9.5 yuan). The British Parliament convened on Saturday during its recess, the first time since the Falklands War in 1982. Business Secretary Jonathan Reynolds told lawmakers that the bill would buy more time for future negotiations on the future of British Steel.
According to the BBC, the Steel Industry (Special Measures) Bill was passed on the same day. It took the British Parliament about six and a half hours in total to pass the bill and get royal assent. The nationalization of British Steel will be the largest government bailout since several banks were taken over by the government in 2008. Under the bill, steel companies or managers who do not comply with government orders will be fined or face two years in prison. Maintaining the UK's steelmaking industry has become a strategic priority for the government, which has allocated £2.5 billion to support the industry.
John Foster, chief policy and campaigns officer at the British Chambers of Commerce, said that the government's decision to take over British Steel was "a necessary outcome to safeguard the UK's major steelmaking capacity". He added that given the government's economic growth targets, "it is crucial that the UK does not lose important steelmaking capacity".
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