The intervention follows a breakdown in the conversations between the United Kingdom government and the Chinese owner of British Steel, Jingye Group.
The United Kingdom Government has effective control or British steel tasks to keep their underfrees in operation, after legislators approved an emergency rescue.
With 3,500 jobs in balance, British ministers rushed to boost legislation on Saturday to allow the State to temporarily assume operational control.
The intervention follows a breakdown in the conversations between the United Kingdom government and the Chinese owner of British Steel, Jingye Group, on the plans to make the company’s transition to the most ecological production methods.
After the vote, the British prime minister, Keir Starmer, traveled to the site, warning that the high furnaces, who lost $ 915,600 (700,000 pounds) per day, were on the edge of the closure.
“You and your colleagues for years have been British Steel’s backbone, and it is really important that we recognize it,” said Starmer. “It is their work, their lives, their communities, their families.”
Legislators had been withdrawn from their Easter break for emergency Saturday.
The Secretary of Business, Jonathan Reynolds, told parliamentarians that the new law would give the government the power to administer operations, ensure that workers receive payments and ensure vital raw materials to keep the ovens running.
Reynolds said that a complete state acquisition was “increasingly likely” given the conduct of the company’s current owners. “A failure to act today would avoid a more desirable result of a consultation,” he said.
The bill approved the House of Commons without opposition.
If it is nationalized, British steel would become the largest state rescue in the United Kingdom since the 2008 bank crisis.
The collapse of its operations Scunthorpe would leave the United Kingdom as the only G7 nation that cannot produce virgin steel, made directly from raw materials such as iron ore and coca cola.
Already under the pressure of an excess global supply and high energy prices, the company was even more affected by new US tariffs or 25 percent, which affects 5 percent of its annual steel exports worth approximately $ 520 million.
Reynolds emphasized that the dependence on foreign steel would grow if the furnaces go out and promised to fight for their future and at the same time press to lift the commercial restrictions of the United States.
The Government has already promised $ 3.2 billion to support the steel sector and aims to present a long -term strategy in the coming months.