The immediate crisis at British Steel has passed, but by taking control of the country’s last maker of virgin steel, the UK government has put itself in the crossfire of a global trade war.
British Steel’s two blast furnaces in Scunthorpe, northern England, were facing permanent closure before the government stepped in earlier this month. The government granted itself emergency powers to direct staff at the company, and spent public money to secure shipments of iron ore and coking coal, setting up a likely nationalization of British Steel.
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