The UK government has announced a draft that allows the government to take over potentially closed steel assets.

Jin10 Data, April 12th - According to the Financial Times, the UK government has announced a legislative proposal that grants ministers broad powers to take over any steel assets deemed at risk of closure. MPs have been recalled to save the British Steel plant in Scunthorpe from impending closure, which would result in the loss of 3,500 jobs. This 10-page bill will give the government the authority to instruct steel companies to keep their assets operational, and if companies fail to comply with these instructions, the government will take over the assets. Steel companies or managers who do not comply with government orders will face fines or up to two years in prison. Maintaining the UK steel industry has become a strategic priority for the government, which has allocated £2.5 billion to support the sector.