LONDON, April 12 (Reuters) - Britain moved to take control of British Steel and keep its blast furnaces open on Saturday, as a minister told an emergency parliamentary session that a full nationalisation of the UK’s last maker of virgin steel was becoming increasingly likely.
The government recalled lawmakers, who had been on Easter recess, in order to pass a law enabling it to direct the company’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running.
Prime Minister Keir Starmer said that he was taking action to avert the imminent closure of the blast furnaces, which are operating at a loss of 700,000 pounds ($915,600) a day.
It’s the opposite. It would be far far cheaper to simply pay the workers their full salaries and shut the site down. It’s keeping the furnace running that costs so much that they’re losing £700,000 per day.