Stock markets rise on signs of Trump tariff retreat; British Steel races to keep

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The Chinese-owned company is racing to secure raw materials to keep its furnaces burning as the government scrambles to save the Scunthorpe plant from closure, to avoid an uncontrolled cooling, which would make it prohibitively expensive to restart production.

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Officials were on site as soon as the new legislation came into force on Saturday, and have been working with British Steel’s management to ensure workers and suppliers can get paid on time, the business department said.

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They are working today to get nearby raw materials like coking coal on site to keep the blast furnaces running. This is crucial to the running of the plant because – if they fall below a certain temperature – it risks irreparable damage to the site, with the steel setting and scarring the machinery.

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Dozens of businesses, like Tata and Rainham Steel, have rallied to support British Steel by offering managerial support and raw materials.

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Reynolds said:

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When I said steelmaking has a future in the UK, I meant it. That’s why we’ve passed these new powers to save British Steel at Scunthorpe, and that’s why my team are already hard at work on the ground to keep jobs going and furnaces burning.

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Steel is vital for our national security and our ambitious plans for the housing, infrastructure and manufacturing sectors in the UK. We will set out a long-term plan to co-invest with the private sector to ensure steel in the UK has a bright and sustainable…