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Government brings British Steel under public ownership; UK economy grows 0.1% in May – business live
Rolling coverage of the latest economic and financial news Turning back to British Steel – business secretary Peter Kyle has said this morning that the government has nationalised the UK’s “one virgin steel producer here in Scunthorpe”...
But it is the intention of the steel strategy that we move towards green steel. That is where the primary demand is into the long term, and I want to make sure that this plant is a modern plant that is producing the kind of steel that those companies and organisations purchasing steel require.”
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Turning back to British Steel – business secretary Peter Kyle has said this morning that the government has nationalised the UK’s “one virgin steel producer here in Scunthorpe” because “if this were to disappear, we would become at the mercy of international markets and the supply from other countries for the kind of production that goes into our railways and our construction”.
When asked whether the plant’s blast furnaces would continue to produce virgin steel in the long term, he told Times Radio:
In the future, that will be a decision for this business and the government to decide going forward.
But it is the intention of the steel strategy that we move towards green steel. That is where the primary demand is into the long term, and I want to make sure that this plant is a modern plant that is producing the kind of steel that those companies and organisations purchasing steel require.”