UK to take emergency control of British Steel, with nationalisation on the table | Hacker News Reader

UK to take emergency control of British Steel, with nationalisation on the table

reuters.com

15 pointspmags11 comments

When will they do the same for the water companies, and tell the shareholders who have been happy for the management to rob consumers to boost their dividends and share values to go F themselves?

Is this move in response to all the trade uncertainty of recent weeks/months or was there such a move in the works prior to the tariff chaos?

It’s about maintaining the manufacturing capability as a national security concern.

Yes, I get that.

My question was aimed at what was the broader context that led the UK government to issue an emergency recall of lawmakers to make this happen so quickly.

I assume, perhaps incorrectly, that the problems with British Steel have been a long time coming?

This historically happens in the lead-up to world wars. Large amounts of steel will be required for automotive companies to switch to building tanks and other military vehicles. It is probably also a factor that the company is Chinese owned. Imports will cease before things pop off.

He acknowledged that the emergency law was "pretty unprecedented", but said it meant there would be a future for steel in Britain and that it was in the national interest.

The owner was planning to shut the plant down. Restarting a blast furnace is challenging as the iron solidifies in the bottom of the furnace.

It's probably more about pandering to unions to keep an uneconomical plant running. What kind of national security concern the plant that is completely dependent on imported ore and coal actually addresses?

https://news.ycombinator.com/item?id=43665525

The British steel industry has been an industrial problem since the fifties, the tariffs were just the final nail in the coffin of this episode.

https://en.wikipedia.org/wiki/British_Steel_(1967–1999)#Hist...

https://en.wikipedia.org/wiki/Tata_Steel_Europe#Background_–...

https://en.wikipedia.org/wiki/British_Steel_(2016–present)

Interestingly the political opposition to nationalisation has been relatively quiet this time.

Whatever you do, don't call it socialism. We don't use that word any more.

In Greece, it is prohibited by Holy EU.

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