The UK government is preparing to change the law, granting business secretary Jonathan Reynolds the power to intervene directly with British Steel, amidst severe negotiations with its Chinese owners, Jingye. With coal supplies running out, the government is under pressure to act, even offering taxpayers’ money to ensure operational continuity. Despite attempts to retain Jingye's involvement with significant financial inducements, the outlook remains bleak. The legislation aims to keep the steel industry afloat, although it does not guarantee job preservation or the long-term future of the plant under its current ownership.
"Who was going to blink first?" A source involved in the fraught negotiations indicated the urgency as coal supplies were dwindling, raising critical questions about government action.
The government is set to grant business secretary Jonathan Reynolds the authority to intervene directly, including purchasing coal to keep British Steel operational.
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