British Steel

British Steel, specifically the Scunthorpe plant, is currently government-controlled after its Chinese owner, Jingye, threatened closure due to substantial losses (reportedly £700,000/day). The UK government intervened, but propping up the plant now costs over £1.2 million daily, potentially exceeding £1.5 billion by 2028. The company's future is uncertain. Despite securing a significant rail order from Turkey, British Steel faces challenges including a potential 'back door' loophole in UK trade rules that could lead to job cuts. A UK investor, Michael Flacks, is reportedly interested in a takeover, potentially merging it with an Italian plant. Separately, a Royal Navy shipbuilder is facing delays due to cash flow problems at Liberty Steel, highlighting broader issues within the UK steel industry and its supply chains.