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Source: الاقتصادية
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The British government has announced the nationalization of British Steel to safeguard the country's last raw steel plant, which was threatened with closure due to financial losses and rising operational costs. The decision aims to preserve approximately 2,700 jobs and ensure the continued production of primary steel, estimated at around 2.5 million tons annually, utilizing locally sourced iron ore. The operation has cost over one million pounds daily to keep the plant afloat, while the formerly owned company, Jingye, invested more than 1.2 billion pounds. However, soaring energy prices and weakened demand had rendered it unprofitable, with losses reaching about 700,000 pounds per day before government intervention. The primary goal of the nationalization is to enhance industrial security, but the government faces challenges in updating production technology and reducing emissions. Meanwhile, trade unions view the move as a means to protect jobs, while critics argue that government intervention in a loss-making industry is problematic, raising concerns about the long-term financial sustainability of continued support.
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