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The Economic Times
The Economic Times

UK nationalises Chinese-owned British Steel to protect nation's steelmaking capacity

British Steel United Kingdom Jingye

London: The UK government has nationalised British Steel to protect the nation's steelmaking capacity after the company's Chinese owners moved to shut the plant's blast furnaces.

The Department for Business and Trade announced the move on Thursday, saying it would save thousands of jobs and protect the UK's national interest by ensuring a supply of domestically produced steel for major construction projects and the defense industry.

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