In 2020, Jingye, which acquired British Steel, lost control last year when the UK government intervened in the struggling company’s operations.
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The last UK plant capable of producing steel from the initial stage faced inevitable closure after Jingye declared that the plant in Scunthorpe, northern England, was no longer financially viable.
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This announcement prompted the government to intervene and take control in April 2025, and on Thursday the government announced that it had taken full state ownership.
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