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.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
President Trump and UK Prime Minister Keir Starmer unveiled a limited trade deal Thursday that keeps 10% tariffs on British exports but lowers U.S. duties on UK cars and cuts average UK tariffs on U.S. goods to 1.8%, calling it a “historic” step forward.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
U.S. President Donald Trump is expected to announce a major trade deal with the UK on Thursday, marking Britain’s second deal in a week and potentially lowering tariffs on steel and autos, according to sources cited by the New York Times.
Türkiye and the United Kingdom have agreed to begin the first round of negotiations by the end of July to modernize and expand their Free Trade Agreement, aiming to boost economic ties and reflect evolving trade priorities.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 9th , covering the latest developments you need to know.
Britain's King Charles has called on the world to work toward lasting peace and preventing future wars during a speech marking the end of four days of events celebrating the 80th anniversary of Victory in Europe (VE) Day.
Before becoming Pope Leo XIV, Cardinal Robert Prevost shared rare insights on faith, unity, and modern challenges in a few candid interviews.
A humanitarian ship carrying 20,000 tons of Ukrainian wheat docked in Samsun, Türkiye, on Thursday, marking a major World Food Program initiative to supply crisis-hit regions, including Syria.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
Cardinals from 70 nations have gathered in Vatican City to begin the historic conclave to elect the next pope, following the death of Pope Francis 17 days ago. This conclave is the most geographically diverse in Church history, showcasing Francis’ legacy of inclusivity.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 9th , covering the latest developments you need to know.
Britain's King Charles has called on the world to work toward lasting peace and preventing future wars during a speech marking the end of four days of events celebrating the 80th anniversary of Victory in Europe (VE) Day.
Before becoming Pope Leo XIV, Cardinal Robert Prevost shared rare insights on faith, unity, and modern challenges in a few candid interviews.
A humanitarian ship carrying 20,000 tons of Ukrainian wheat docked in Samsun, Türkiye, on Thursday, marking a major World Food Program initiative to supply crisis-hit regions, including Syria.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 9th , covering the latest developments you need to know.
Britain's King Charles has called on the world to work toward lasting peace and preventing future wars during a speech marking the end of four days of events celebrating the 80th anniversary of Victory in Europe (VE) Day.
Before becoming Pope Leo XIV, Cardinal Robert Prevost shared rare insights on faith, unity, and modern challenges in a few candid interviews.
A humanitarian ship carrying 20,000 tons of Ukrainian wheat docked in Samsun, Türkiye, on Thursday, marking a major World Food Program initiative to supply crisis-hit regions, including Syria.
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