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U.K. nationalizes British Steel to prevent shutdown

Reported · Written up by our desk · Europe

The U.K. government has moved to nationalize British Steel, taking control of the company after efforts to secure a private-sector solution did not materialize, according to NYT Business.

The government had already intervened last year to prevent then-owner Jingye Group, a Chinese company, from shutting down the steelmaker.

NYT Business reports that despite that intervention, no private sector buyers came forward, prompting the government to take the company into public ownership.

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