09:12 - 18.07.2026

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July 18, Fineko/abc.az. The UK government has decided to bring steelmaker British Steel, previously owned by China's Jingye Group, into public ownership in an effort to safeguard the strategic capacity of the domestic metallurgy sector.

The move follows a dead-end in months of rescue talks between London and the Chinese investor regarding the Scunthorpe plant, where over 2,700 people are employed, which threatened the imminent shutdown of key blast furnaces. UK Prime Minister Keir Starmer stated that the nationalization secures the future of domestic steel production, protects skilled jobs, and preserves the nation's vital industrial capabilities.

A new state-appointed management team has already been installed to stabilize operations and prepare the enterprise for a transition to eco-friendly, low-carbon technologies.