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.
With looming US tariff hikes on steel, the UK is pushing for a swift implementation of a trade deal meant to protect £400mn in exports and safeguard industry jobs.
British energy giant BP has announced final investment decisions for two major projects in Azerbaijan: the construction of the 240 MW Shafag solar power plant in Karabakh and the electrification of the Sangachal terminal near Baku.
The UK will boost its fleet of nuclear-powered submarines and push defence readiness in response to evolving global threats and shifting U.S. security commitments under President Trump.
The UK has officially banned the sale of disposable vapes as of Sunday, aiming to curb youth usage, reduce environmental waste, and stop the spread of harmful chemicals.
Former UK Prime Minister Boris Johnson has praised Türkiye’s large-scale infrastructure projects, calling them a model for the UK to learn from.
Afghanistan and China have taken steps to deepen financial and banking cooperation, as acting central bank governor Noor Ahmad Agha met with Chinese Ambassador Zhao Xing in Kabul to discuss expanding economic ties, investment opportunities, and bilateral collaboration.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Tajikistan’s external debt has seen a modest reduction, standing at $3.1 billion as of April 1, 2025 — a decline of $87 million, or 2.7%, from the start of the year, according to data released by the Ministry of Finance.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
Kyrgyzstan has announced the creation of an interagency task force aimed at supervising and enhancing laboratory testing for agricultural products, the Ministry of Water Resources, Agriculture, and Processing Industry said on Sunday.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
Afghanistan and China have taken steps to deepen financial and banking cooperation, as acting central bank governor Noor Ahmad Agha met with Chinese Ambassador Zhao Xing in Kabul to discuss expanding economic ties, investment opportunities, and bilateral collaboration.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Ukrainian and Russian delegations have begun a new round of peace talks in Istanbul, with Kyiv pushing for a ceasefire, prisoner exchange, and humanitarian measures, while Moscow continues to withhold its official terms and demands concessions unlikely to be accepted by Ukraine.
Stock markets across Asia tumbled Monday after U.S. President Donald Trump announced a new round of tariff hikes on Chinese imports, sparking renewed fears of a deepening U.S.–China trade war.
With looming US tariff hikes on steel, the UK is pushing for a swift implementation of a trade deal meant to protect £400mn in exports and safeguard industry jobs.
Afghanistan and China have taken steps to deepen financial and banking cooperation, as acting central bank governor Noor Ahmad Agha met with Chinese Ambassador Zhao Xing in Kabul to discuss expanding economic ties, investment opportunities, and bilateral collaboration.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Tajikistan’s external debt has seen a modest reduction, standing at $3.1 billion as of April 1, 2025 — a decline of $87 million, or 2.7%, from the start of the year, according to data released by the Ministry of Finance.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
Kyrgyzstan has announced the creation of an interagency task force aimed at supervising and enhancing laboratory testing for agricultural products, the Ministry of Water Resources, Agriculture, and Processing Industry said on Sunday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment