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.
Britain’s labour market showed signs of weakness ahead of April’s employer tax hike, with job cuts and falling vacancies. Despite this, strong wage growth challenges the Bank of England’s decision-making, as it weighs inflation risks and economic slowdown amid global trade uncertainty.
Kyrgyzstan and the United Kingdom have discussed expanding bilateral cooperation through UK-backed financing for major investment projects in energy, construction, and digital development.
Britain has delivered a second payment of 752 million pounds ($990 million) to Ukraine as part of a broader $50 billion international loan package aimed at supporting Ukraine’s defense efforts.
The UK has announced a major new package of support for Ukraine, worth £450 million, which includes hundreds of thousands specialised drones.
The United Kingdom has sanctioned four more high-ranking Georgian officials for their role in allowing serious human rights violations in response to legitimate protests in Georgia since 2024.
South Korea's Finance Minister Choi Sang-mok will head to Washington next week for a pivotal meeting with U.S. Treasury Secretary Scott Bessent, Seoul's finance ministry confirmed on Wednesday.
The United States is preparing to consolidate its military footprint in Syria, with officials signalling a potential drawdown of up to half its troops in the coming months.
The Trump administration has approved the emergency transfer of nearly 110,000 acres of federal land along the U.S.-Mexico border to the Army, in a move aimed at tightening border security.
The United States is lifting sanctions on a senior Hungarian official, in a move that signals warming ties between Washington and Budapest under President Donald Trump.
With centuries of silence behind them and global momentum finally on their side, Caribbean leaders say the time for polite conversations about slavery reparations has passed, and, the era of demands has begun.
A small plane crashed near Kopake, New York, on April 13, killing at 6 people. The Mitsubishi MU-2B aircraft, carrying six people, went down under unclear circumstances. This marks the second aviation accident in New York in a week, raising safety concerns.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 10th, covering the latest developments you need to know.
The death toll from the catastrophic roof collapse at a nightclub in Santo Domingo has risen to 98, with more than 160 people injured, according to Dominican authorities.
A quiet Thursday afternoon at St. Peter’s Basilica turned into something extraordinary, as visitors caught a rare glimpse of Pope Francis — not in his familiar white papal robes, but dressed in black trousers and a striped blanket.
In a dramatic about-face, U.S. President Donald Trump on Wednesday announced a 90-day pause on newly implemented tariffs for dozens of countries — a move that eased market turmoil but further escalated tensions with China.
South Korea's Finance Minister Choi Sang-mok will head to Washington next week for a pivotal meeting with U.S. Treasury Secretary Scott Bessent, Seoul's finance ministry confirmed on Wednesday.
The United States is preparing to consolidate its military footprint in Syria, with officials signalling a potential drawdown of up to half its troops in the coming months.
The Trump administration has approved the emergency transfer of nearly 110,000 acres of federal land along the U.S.-Mexico border to the Army, in a move aimed at tightening border security.
The United States is lifting sanctions on a senior Hungarian official, in a move that signals warming ties between Washington and Budapest under President Donald Trump.
With centuries of silence behind them and global momentum finally on their side, Caribbean leaders say the time for polite conversations about slavery reparations has passed, and, the era of demands has begun.
South Korea's Finance Minister Choi Sang-mok will head to Washington next week for a pivotal meeting with U.S. Treasury Secretary Scott Bessent, Seoul's finance ministry confirmed on Wednesday.
The United States is preparing to consolidate its military footprint in Syria, with officials signalling a potential drawdown of up to half its troops in the coming months.
The Trump administration has approved the emergency transfer of nearly 110,000 acres of federal land along the U.S.-Mexico border to the Army, in a move aimed at tightening border security.
The United States is lifting sanctions on a senior Hungarian official, in a move that signals warming ties between Washington and Budapest under President Donald Trump.
With centuries of silence behind them and global momentum finally on their side, Caribbean leaders say the time for polite conversations about slavery reparations has passed, and, the era of demands has begun.
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