UK Business Secretary Jonathan Reynolds has suggested that the government may consider Chinese investment in British Steel, but he emphasized that any such bids would be subject to thorough scrutiny, particularly due to national security and economic concerns.
During a visit to British Steel’s Scunthorpe plant, where production is running with newly delivered raw materials, Reynolds discussed the need for a long-term private sector partner to support a significant transformation of the UK’s steel industry. “What we need for the long-term future of British Steel is that private sector partner to work with us as a government on a transformation program,” he said. This transformation could involve new technology, upgraded facilities, and possibly changes to the employment structure at the plant.
Acknowledging the potential for job losses in the future, Reynolds noted that the current workforce understands the need for a sustainable future, even if it involves a "different employment footprint."
On the topic of potential investors, particularly Chinese companies, Reynolds pointed out global concerns related to steel overproduction and the dumping of steel products, which he linked to China. "Steel is a sensitive sector around the world," he said, underlining that while the government would evaluate Chinese involvement carefully, it would not categorically reject all Chinese investments in the sector.
Reynolds also defended the government's recent intervention in British Steel, arguing that the financial support provided offered better value for taxpayers compared to the cost of potential job losses, and reiterated his belief that there was room for improvement in the company’s financial performance.
His comments come amid growing political pressure from parties such as the Liberal Democrats, who have urged the government to rule out Chinese involvement in UK steel production due to security and economic independence concerns.
British Steel, which has faced ongoing uncertainty over its ownership, remains at the heart of the UK government’s strategy to secure a more sustainable and modernized domestic steel industry.
The U.S. will impose unprecedented measures on Iran in order to economically isolate the country, U.S. Treasury Secretary Scott Bessent has said...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 14th of August, covering the latest developments....
Hundreds of flights have been cancelled or rerouted at Catania Airport over the past week as ash from Mount Etna’s ongoing eruption contin...
Disruption in the Strait of Hormuz has increased the strategic importance of Bab al-Mandab, raising fears that instability in both waterways could trigger a wider global energy and trade crisis.
Flights at Catania airport in Sicily will remain suspended until early Friday as ash from Mount Etna continues to disrupt air travel, following hundreds of cancellations and diversions over the past week.
Iran says the Strait of Hormuz remains under its control, rejecting U.S. President Donald Trump’s claim of “total control” over the strategic waterway and insisting it will not reopen until Washington fulfils its commitments under an interim deal.
Iran and the United States remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, according to a senior Iranian source who said there had been no progress in talks to revive the interim deal agreed in June and define a timeframe to implement it.
Russia has accused Ukraine of threatening global grain supplies after recent strikes on Black Sea agricultural infrastructure, while Moscow carried out a new overnight attack on Ukraine’s major Danube port of Izmail.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 14th of August, covering the latest developments.
Hundreds of flights have been cancelled or rerouted at Catania Airport over the past week as ash from Mount Etna’s ongoing eruption continues to disrupt air travel in Sicily.
Record rainfall in Japan’s Chiba Prefecture has killed four people and left thousands stranded overnight at Tokyo’s Narita Airport, as torrential rain disrupted rail, bus and texi services across the prefracture and left more than 20,000 households without power.
The Democratic Republic of the Congo’s (DRC) Ebola outbreak has spread to a sixth province. A man died of the virus in Bas-Uélé in the north, the African Union’s health agency said.
At least 437 civilians were killed and 2,610 injured in Ukraine last month, according to UN investigators, marking the highest monthly civilian casualty toll since March 2022.
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