British Steel threatened closure

photo Grubb (Creative Commons) (Click to enlarge)

The private steel producer could go under, threatening 5,000 jobs at its Scunthorpe and Teesside plants and a further 20,000 jobs in the supply chain.

British Steel received a Ł100 million government loan in April. Yet Greybull Capital - its profitable private equity owner - is threatening to pull the plug and liquidate British Steel unless the government coughs up another Ł30million.

Instead of subsidising big business, this important industry should be nationalised. In a positive move the Labour Party has publicly endorsed this demand. The Unite union should immediately campaign among its members at the threatened plants to fight to bring British Steel into public ownership.

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