Britain in talks with British Steel and Tata to secure industry's future

Britain has announced that it is in talks with steel producers, including British Steel, which is owned by China's Jingye Group, and India's Tata, to help secure the industry's long-term future. The government stated that British Steel had agreed to keep current operations and job numbers in place while the talks were ongoing. Business Secretary Jacob Rees-Mogg had written to Jingye Group to express his willingness to negotiate over the Chinese company's request for a bailout in order to avoid thousands of job losses. Jingye, which bought British Steel out of insolvency in 2020, told the government earlier this month that its two blast furnaces at its Scunthorpe steelworks were unlikely to be viable without government assistance. Also read: NSSCDCL forecloses Shapoorji Pallonji’s contract of Smart City 13 major states have financial room to invest x in FY23: Icra