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The Scunthorpe steelworks has been officially nationalised under new government powers passed this week.
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The government has formally taken British Steel into public ownership and out of the hands of its previous owner Jingye Steel, who, no doubt, will want compensating. The argument for this is a strategic one, and suggests that there's a national security need for the UK to have a steel industry.
That said, this will have a considerable opportunity cost: the National Audit Office has already noted that keeping the Scunthorpe plant going was costing around £1,3m per day.