The UK government is taking control of Chinese-owned British Steel after emergency legislation was rushed through Parliament in a single day.
Business Secretary Jonathan Reynolds told MPs the government’s likely next step would be to nationalise the Scunthorpe plant, which employs 2,700 people.
But he said he was forced to seek emergency powers to prevent owners Jingye shutting down its two blast furnaces, which would have ended primary steel production in the UK.
MPs and peers were called back from their Easter holidays to debate the legislation in an extremely rare Saturday sitting of both houses of Parliament. It has now received Royal Assent after being passed by the Commons and Lords.
Rob Halford will be pleased. Damned Chinese been Breakin’ the Law.
[deleted]
So were the Chinese buying up steel plant to close them?
>In the Commons, Reynolds acknowledged that public ownership was “the likely option”.
>He said the government would “pay the fair market rate” to shareholders in the event of nationalisation but added: “In this case the market value is effectively zero.”
What a polite way to put it.
Sectors like this should never be private. they should be all public owned for the reasons why they are rushed through parliament in fear of the collapsing industry. Without Steel, we lose so much in regards to defence that how they were allowed to be Private Owned is ridiculous. For people who say their a loss-making business due to energy cost, the government can also ensure cheap costs for things like Steel Mills if they are so dated.
But to allow Steel Industry to collapse would make us weak in the eyes of the world and in an uncertain world too. I hope this is the eye-opening start that follows with water and trains falling back into public ownership. Greed and Possible Esponiage has taken too much of our crucial industries in the last 40 years.
It’s just weird if China did this everyone would be like “see can’t trust those Chinese communists”… western nations literally confiscate and nationalize a private corp and everyone’s like “ye mate, thank god!”
Looks like the European world order is crumbling after not being able to extract wealthy through theft abroad anymore.
They’re only making plans for Nigel.
Next up: maybe the Chinese shouldn’t own our water?
Now do water.
Don’t give idiots any ideas. Now Trump will nationalize the old coal generation plants and order them back into service.
Fair play. I’m not keen on this Labour or Starmer but nationalisation is what we need. Trains and utilities next please.
Seems like the multi decade verdict on privatization is clear.
It doesn’t work.
Based on what has been put out, the reason the government intervened was because they became aware the Chinese company were undertaking actions deliberately aimed at shutting down the plant
The Chinese owners said they couldn’t afford the raw materials needed to operate it, the British government offered to buy the materials for the company, the company apparently refused this and demanded the government give them the money instead of the materials, while the government were scratching their heads over why the Chinese company were refusing what was basically free raw materials they learned that the company was deliberately placing orders for raw materials then refusing to pay for them or cancelling the contracts at the last minute which would result in the factory having no materials and the furnaces then cooling down, once cooled down the furnaces are expensive to reignite and would make the plant completely unviable to ever reopen so China would close the plant and offer steel from its own plants to fulfill orders
The government and workers considered this a deliberate sabotage effort on the part of the owners and that’s why they moved to seize the plant
More than a week, just checked. 8th until 22nd April.
They also have whole August off, again month off in September after being back for like 10 days and numerous other breaks during the year. What fucking leeches.
Yes! Screw China!
Haha, fuck off China.
Also, don’t let anyone tell you you can’t take back control if you want to.
We need to tariff Chinese steel now. Many companies in the UK import it for building work as it’s simply cheaper than buying it here. If we had tariffs they’d practically be forced to buy it here which would be great for British Steel.
3)2019: UK’s GreyBull Capital’s British Steel placed in [compulsory liquidation](https://www.bbc.com/news/business-48365241). Lack of fund. Losing money. Lack of customers.
**2020 !! Brexit !!**
4)China’s Jingye brought British Steel for [£50m](https://www.bbc.com/news/business-51795414) in 2020, invested £330 first three years, but didn’t make any money from it.
22 comments
The UK government is taking control of Chinese-owned British Steel after emergency legislation was rushed through Parliament in a single day.
Business Secretary Jonathan Reynolds told MPs the government’s likely next step would be to nationalise the Scunthorpe plant, which employs 2,700 people.
But he said he was forced to seek emergency powers to prevent owners Jingye shutting down its two blast furnaces, which would have ended primary steel production in the UK.
MPs and peers were called back from their Easter holidays to debate the legislation in an extremely rare Saturday sitting of both houses of Parliament. It has now received Royal Assent after being passed by the Commons and Lords.
Rob Halford will be pleased. Damned Chinese been Breakin’ the Law.
[deleted]
So were the Chinese buying up steel plant to close them?
>In the Commons, Reynolds acknowledged that public ownership was “the likely option”.
>He said the government would “pay the fair market rate” to shareholders in the event of nationalisation but added: “In this case the market value is effectively zero.”
What a polite way to put it.
Sectors like this should never be private. they should be all public owned for the reasons why they are rushed through parliament in fear of the collapsing industry. Without Steel, we lose so much in regards to defence that how they were allowed to be Private Owned is ridiculous. For people who say their a loss-making business due to energy cost, the government can also ensure cheap costs for things like Steel Mills if they are so dated.
But to allow Steel Industry to collapse would make us weak in the eyes of the world and in an uncertain world too. I hope this is the eye-opening start that follows with water and trains falling back into public ownership. Greed and Possible Esponiage has taken too much of our crucial industries in the last 40 years.
It’s just weird if China did this everyone would be like “see can’t trust those Chinese communists”… western nations literally confiscate and nationalize a private corp and everyone’s like “ye mate, thank god!”
Looks like the European world order is crumbling after not being able to extract wealthy through theft abroad anymore.
They’re only making plans for Nigel.
Next up: maybe the Chinese shouldn’t own our water?
Now do water.
Don’t give idiots any ideas. Now Trump will nationalize the old coal generation plants and order them back into service.
Fair play. I’m not keen on this Labour or Starmer but nationalisation is what we need. Trains and utilities next please.
Seems like the multi decade verdict on privatization is clear.
It doesn’t work.
Based on what has been put out, the reason the government intervened was because they became aware the Chinese company were undertaking actions deliberately aimed at shutting down the plant
The Chinese owners said they couldn’t afford the raw materials needed to operate it, the British government offered to buy the materials for the company, the company apparently refused this and demanded the government give them the money instead of the materials, while the government were scratching their heads over why the Chinese company were refusing what was basically free raw materials they learned that the company was deliberately placing orders for raw materials then refusing to pay for them or cancelling the contracts at the last minute which would result in the factory having no materials and the furnaces then cooling down, once cooled down the furnaces are expensive to reignite and would make the plant completely unviable to ever reopen so China would close the plant and offer steel from its own plants to fulfill orders
The government and workers considered this a deliberate sabotage effort on the part of the owners and that’s why they moved to seize the plant
More than a week, just checked. 8th until 22nd April.
They also have whole August off, again month off in September after being back for like 10 days and numerous other breaks during the year. What fucking leeches.
Yes! Screw China!
Haha, fuck off China.
Also, don’t let anyone tell you you can’t take back control if you want to.
We need to tariff Chinese steel now. Many companies in the UK import it for building work as it’s simply cheaper than buying it here. If we had tariffs they’d practically be forced to buy it here which would be great for British Steel.
Judas Priest must be pissed!
**Previous Owners:**
1)India’s Tata Group, losing ~ 1 [million](https://www.bbc.com/news/newsbeat-35926441) dollars a day.
[British steel plants must be sold within weeks, says Tata](https://www.theguardian.com/business/2016/mar/30/tata-steels-british-plants-must-be-sold-within-weeks)
>Source warns Indian steel giant will not tolerate £1m-a-day losses and would give Port Talbot steelworks away if it could find a buyer
2)2016: Tata Group [sold it to UK’s GreyBull Capital](https://www.theguardian.com/business/2016/jun/01/tata-steel-sale-to-greybull-saving-jobs-and-bringing-back-british-steel) for £1 and rename the plant to British Steel.
>Greybull, an investment firm, has paid a nominal £1 for the business, which makes products such as railway tracks and steel used in construction.
3)2019: UK’s GreyBull Capital’s British Steel placed in [compulsory liquidation](https://www.bbc.com/news/business-48365241). Lack of fund. Losing money. Lack of customers.
**2020 !! Brexit !!**
4)China’s Jingye brought British Steel for [£50m](https://www.bbc.com/news/business-51795414) in 2020, invested £330 first three years, but didn’t make any money from it.
[British Steel works has never made a profit for us, say Chinese owners](https://www.thetimes.com/business-money/companies/article/british-steel-works-has-never-made-a-profit-for-us-say-chinese-owners-zpxx0wddb)
> Jingye, has reported that it made losses in 2022 of £408 million following a deficit of £50 million in 2021.
It seems like British Steel was/is in a very difficult position, hard to operate and to be profitable.
And now Jingyu wants to get rid of this plant after invested some much money and time into it.
Maybe the UK government can run it better after nationalize it.
It’s about time we regained our industry back and stopped selling it off to foreign companies that really don’t give a damm about British people!!
Lmfaooooo trump saving the UK
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