{"id":3542,"date":"2026-07-16T12:10:00","date_gmt":"2026-07-16T12:10:00","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3542"},"modified":"2026-07-16T12:10:00","modified_gmt":"2026-07-16T12:10:00","slug":"british-steel-now-belongs-to-the-british-people-china-booted-from-national-champion-to-save-thousands-of-jobs","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3542","title":{"rendered":"\u2018British Steel now belongs to the British people\u2019: China booted from national champion to save thousands of jobs"},"content":{"rendered":"<div>\n<p>The Department for Business and Trade announced the move on Thursday, saying it would save thousands of jobs and protect the U.K.\u2019s national interest by ensuring a supply of domestically produced steel for major construction projects and the defense industry.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3540\">The legend of Cape Verde: How an island of half a million built the best team at the World Cup<\/a><\/p>\n<p>\u201cBritish Steel now belongs to the British people, and our focus is on the future: stabilizing the business, backing the communities that rely on it and building a sustainable, competitive and decarbonized steel sector for the years ahead,\u201d Business Secretary Peter Kyle said in a statement.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>An independent evaluation will be carried out to determine whether any compensation will be paid to the firm\u2019s former owner, China\u2019s Jingye Group.<\/p>\n<p>The U.K. government took operational control of British Steel last year after Jingye said that it was considering closing the blast furnaces at its Scunthorpe plant in northern England. The blast furnaces are the last in the U.K. that make \u201cvirgin steel\u201d from raw materials.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3538\">YouTube appeals verdict, argues it isn\u2019t a social media platform<\/a><\/p>\n<p>British Steel and its forebears have been making steel at Scunthorpe for more than 130 years, building on the U.K.\u2019s development of improved steelmaking technology during the Industrial Revolution. The plant currently employs about 2,700 people.<\/p>\n<p>Jingye bought British Steel in 2020 and says it has invested more than 1.2 billion pounds ($1.6 billion) to keep the plant running in the face of \u201congoing production instability.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3536\">New School economist: Trump Accounts will widen America\u2019s wealth gaps<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jingye Group already spent $1.6 billion trying to save Scunthorpe Steel after 130 years in business.<\/p>\n","protected":false},"author":1,"featured_media":3541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[445],"tags":[],"class_list":["post-3542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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