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.
Algeria's parliament has unanimously passed a law declaring France's colonisation of the North African state a crime, and demanding an apology and rep...
Kazakhstan has made a notable advance in the global Government AI Readiness Index, moving up to 60th place out of 195 countries in the 2025....
On Sunday, a solemn commemoration ceremony took place in Baku to mark the first anniversary of the tragic Azerbaijan Airlines crash near Aktau, Kazakh...
Three alleged members of a "terrorist origanisation" have been killed in a military operation in the Shamsiddin Shohin district according to Tajikista...
The Spiral is an AnewZ original documentary that explores the 25 December, 2024 tragedy in which an Embraer 190‑100 operated by Azerbaijan Airlines ...
Countries including Britain, Canada, Germany and others on Wednesday condemned the Israeli security cabinet's approval of 19 new settlements in the occupied West Bank, saying they violated international law and risked fuelling instability.
The Conservative Party says it would cut funding for green energy projects and redirect the money into defence, arguing the UK needs to be ready for war.
The UK government has advised its citizens against travelling to Afghanistan, citing tensions between Pakistan and the Taliban led government.
The head of Britain’s Secret Intelligence Service, the foreign spy service known as MI6, has warned that Russia "remains an aggressive and expansionist threat", vowing sustained support for Ukraine and calling for greater use of technology to protect UK security.
A majority of Russians expect the war in Ukraine to end in 2026, state pollster VTsIOM said on Wednesday, in a sign that the Kremlin could be testing public reaction to a possible peace settlement as diplomatic efforts to end the conflict intensify.
Thailand and Cambodia both reported fresh clashes on Wednesday, as the two sides prepared to hold military talks aimed at easing tensions along their shared border.
Military representatives from Cambodia and Thailand met in Chanthaburi province on Wednesday ahead of formal ceasefire talks at the 3rd special GBC meeting scheduled for 27th December.
Libya’s chief of staff, Mohammed Ali Ahmed Al-Haddad, has died in a plane crash shortly after departing Türkiye’s capital, Ankara, the prime minister of Libya’s UN-recognised government has said.
It’s been a year since an Azerbaijan Airlines plane crashed near Aktau, Kazakhstan, killing 38 people. Relatives and loved ones mourn the victims, as authorities near the final stage of their investigation.
On Sunday, a solemn commemoration ceremony took place in Baku to mark the first anniversary of the tragic Azerbaijan Airlines crash near Aktau, Kazakhstan.
Algeria's parliament has unanimously passed a law declaring France's colonisation of the North African state a crime, and demanding an apology and reparations.
Across continents, Christmas is being observed with a mix of worship, tradition and local flavour, reflecting how the season resonates differently around the world.
Turkish authorities have detained 115 suspected Islamic State members they said were planning to carry out attacks on Christmas and New Year celebrations in the country.
President Volodymyr Zelenskyy outlined for the first time the main points of a draft 20-point framework peace proposal discussed by Ukraine and the United States, which he said could become the basis of future agreements to end war with Russia.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment