UK steps in to save British Steel as nationalisation looms | Business and Economy News

Intervention follows a breakdown in talks between the UK government and British Steel’s Chinese owner, Jingye Group.

The UK government has taken effective control of British Steel in order to keep its blast furnaces running, after lawmakers approved an emergency rescue.

With 3,500 jobs hanging in the balance, British ministers rushed to push through legislation on Saturday to allow the state to temporarily assume operational control.

The intervention follows a breakdown in talks between the…