Chinese-owned British Steel is now under the control of the British government following an emergency session of Parliament yesterday (Saturday 12 April). It looks likely that nationalisation is the next step to secure a future of sorts for the steel company and the jobs of its 2,700 workers.
Emergency legislation was rushed through Parliament yesterday and has been described, by the BBC, as a 'legislative sprint' from the First Reading to Royal Assent, something that would normally take months. As it happened, Royal Assent was given around 1800hrs on Saturday evening and now the British are in control again.
Now that the Government is in charge of the company, it is hoped that the raw materials needed to keep the two blast furnaces up and running will be secured although, as a BBC report points out, it's not like ordering something online, far from it.
Nationalisation of British Steel could become a reality without further legislation if Chinese owner Jingye doesn't kick off, which it might. If it does, a new law will be needed.
Why the sudden rush by the UK Government? Because it got wind of Jingye looking to sell off raw materials en route to Scunthorpe.
News of the emergency law that has saved the UK's last blast furnaces from closure made the front pages of some of the country's newspapers with the left-leaning Daily Mirror (a red top tabloid) leading with Ring of Steel under the strapline "MPs vote to protect works". Right wing tabloid The Mail on Sunday ran with "MPs seize back British Steel from Chinese on historic day" and the rest of the papers offered other front page stories.