‘Naive’ to trust Chinese firm with British Steel, U.K. minister says

The U.K. was “naive” to allow its sensitive steel industry to fall into the hands of a Chinese company, Britain’s business secretary said on Sunday after the government took control of British Steel.

But Jonathan Reynolds said he did not suspect the Chinese state of trying to tank the plant in northern England, the country’s last factory able to make steel from scratch.

The government rushed urgent legislation through parliament on Saturday to stop the Scunthorpe plant’s blast furnaces from turning off, after its Chinese owners Jingye said it was no longer financially viable to keep them burning.