STORY
In a rare move, the UK Parliament will be recalled from its Easter recess on Saturday, April 12, to debate emergency legislation aimed at safeguarding the future of British Steel. The decision underscores the urgency of addressing the potential closure of the company’s Scunthorpe plant, which employs approximately 3,000 workers. The Government plans to introduce the Steel Industry (Special Measures) Bill, granting ministers the authority to intervene directly in steel companies operating in England. This legislation is designed to prevent the shutdown of British Steel’s blast furnaces in Scunthorpe, a move that could have significant economic and strategic implications for the UK.
British Steel, owned by China’s Jingye Group since 2020, has been facing severe financial challenges, reportedly losing around £700,000 daily. The company’s difficulties have been exacerbated by high energy costs and recent 25% tariffs imposed by the United States on all steel imports. The recall of Parliament for this debate marks the 35th such instance since 1948, highlighting the critical nature of the situation. The House of Commons will convene at 11 a.m., followed by the House of Lords at noon, to deliberate on the proposed legislation.