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From The Socialist newspaper, 22 May 2019

British Steel threatened closure

photo Grubb (Creative Commons)

photo Grubb (Creative Commons)   (Click to enlarge)

The private steel producer could go under, threatening 5,000 jobs at its Scunthorpe and Teesside plants and a further 20,000 jobs in the supply chain.

British Steel received a 100 million government loan in April. Yet Greybull Capital - its profitable private equity owner - is threatening to pull the plug and liquidate British Steel unless the government coughs up another 30 million.

Instead of subsidising big business, this important industry should be nationalised. In a positive move the Labour Party has publicly endorsed this demand. The Unite union should immediately campaign among its members at the threatened plants to fight to bring British Steel into public ownership.

More in a future issue.

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The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

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In The Socialist 22 May 2019:


International socialist news and analysis

What lies behind the US-China trade war?

Sri Lanka - Ten years after the brutal end of the war

Reject Alabama abortion ban


News

Labour's nationalisation plan: What policies are needed to avert climate catastrophe?

British Steel threatened closure


What we think

European elections expose deepening political crisis: Workers need a party of our own


Workplace news

Birmingham home carers victory

Probation workers celebrate case management renationalisation

Fantastic RMT London Underground victory

Woolwich ferry workers begin ten days of strike action

Morrisons workers reject pay offer

Unite young members' conference

Workplace news in brief


Socialist Party reports and campaigns

4 June - Walk out against Trump! Climate criminal not welcome

Domestic abuse accommodation: Tories shift - but safety is more than a bed

Haringey: Socialists' stance fully vindicated

Anger and frustration at the establishment

Lifting the mood

Socialist sales boost

Pouring cold water on the Riverside estate

Worcester Tories stonewall action on climate change

Day of action against cuts to special needs education


Opinion

Opinion: socialists must link climate struggle to power of organised workers

The Socialist Inbox


 

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Related links:

Steel:

triangleTata announces 1,000 job cuts - Steel unions must fight for every job!

triangleWales: Hundreds march to save the Orb works

triangleSave steel jobs: Demand socialist nationalisation

triangleNo to Trump's trade war

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Government:

triangleSchools aren't safe

triangleChinese state's imposition of draconian law reignites Hong Kong protests

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Scunthorpe:

triangleSanctioned - a victim of government callousness

triangleSteeled for a fightback

Big business:

triangleTories put profit before lives - unions must stand firm on workplace safety

Public ownership:

triangleCapitalism causes crisis profiteering: fight for workers' oversight and public ownership

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