British Steel's Chinese owner seeks huge government aid package

The owners of Britain's second-biggest steel producer are seeking an urgent package of financial support from taxpayers amid renewed fears for thousands of industrial jobs in the north of England.

Sky News has learnt that Jingye Group, which bought British Steel out of insolvency in 2020, has told ministers that the company's two blast furnaces are unlikely to be viable without government aid.

British Steel, which is headquartered in Scunthorpe, north Lincolnshire, employs about 4,000 people, with thousands more jobs in its supply chain dependent upon the company.

The request from Jingye poses a major headache for Jacob Rees-Mogg, the new business secretary, on the eve of the Conservative Party's annual conference in Birmingham.

While the precise scale of the support being sought by the Chinese industrial group was unclear this weekend, insiders suggested that it would need "hundreds of millions of pounds" to keep the Scunthorpe blast furnaces operational.

The UK has the same problem we do, only folks there have yet to realize it.

The letter after the name means jack anymore.

The only reason political parties still exist is to give voters the illusion of choice.

A pol is either loyal to the constitutional monarchy or to Deep State.

Most of their pols, like ours, are loyal to their Deep State.

And the UK doesn’t have a Trump standing between Deep State and the citizenry.

Neither Britain nor the US should let it’s steel industry wilt. It’s far too important an industry in case of war.

They shouldn’t let it be owned by foreigners either. Especially China.

No way should you use taxpayer’s money to prop up a Chinese venture.

Any support given should ensure the transfer of control back to British people. Otherwise let it fail and pick up the pieces.

We have a capitalist society where business is a private rather than government controlled.

We have a corporatist society where large multinational entities work arm-in-arm with governments to deliver on state priorities in exchange for securing near-monopoly positions in various markets.

Most medium and small businesses are still private - which is why they are so widely reviled by the state's political class and popular culture.

"So, you propose a marxist managed industrial economy."

I recognize as the US has always recognized until recently that certain industries are critical military infrastructure.

It's not marxist to make sure those industries remain developed and under your nation's citizen's control. In fact it's a surrender to globalists to not prevent foreign takeover of critical military infrastructure.

Government can allow businesses even critical military infrastructure can remain as private businesses while preventing foreign control. The U.S. on Foreign Investment in the United States oversees and can block the sale of critical infrastructure or technology to foreign countries.

No doubt Britain has a similar agency. But allowing British Steel to be sold to Chinese is on par with the U.S. allowing Uranium One to be sold to the Russians.

Fortunately Uranium One was bought back by US controlled interests. It's time for Britain to reverse it's mistake on British Steele.

It dates all the way back to Thomas Jefferson's sudden epiphany during the War of 1812. That he was wrong for wanting America to remain an agricultural economy which trades for manufactured goods. Europe cut us off from manufactured goods. And suddenly Jefferson realized how important it was for America to have a strong manufacturing base. There is series on Youtube called "War Factories". It highlights the importance of manufacturing capability during WWII and claims that whichever side can produce the most weapons of war will almost certainly be the winner.

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