April 9 (UPI) -- British Culture Secretary Lisa Nandy said Wednesday that a deal to save British Steel is within sight as talks with Chinese owner Jingye continue.
Nandy told the BBC that an agreement to make sure British Steel continues "to be an important part of our economy for years to come" is "achievable and within sight."
Nationalization is possible after Jingye said in March that British Steel's Scunthorpe plant is no longer financially sustainable and is in danger of running out of raw materials within weeks.
The British government has offered $639 million to Jingye to convert the plant to greener electric arc furnaces that can use scrap metal rather than raw materials. The company has rejected that and is reportedly asking for approximately $1.2 billion.
The plant employs 2,700 workers and has been hit with the Trump administration's 25% tariff.
According to REIDsteel managing director Simon Boyd, Jingye has just days to "secure the order of materials to prevent the forced closure of the blast furnaces over the next month."
He said government intervention is the "only solution" to save the strategically vital steel plant.
According to British Chancellor Rachel Reeves all options, including nationalization, are being considered by the British government to keep British Steel operating.
"With Trump's tariffs causing enormous damage and Putin waging war in Europe, we can't afford to lose this strategically important industry or these vital British jobs," Sir Ed Davey, head of the Liberal Party, told the BBC.
