Struggling steel sparks political, economic crisis in U.K.

Mar. 31, 2016 – The British government is scrambling to save the country’s struggling steel industry, reports The Associated Press, after Tata Steel announced plans to sell its U.K. plants, which employ almost 20,000 people.

Prime Minister David Cameron is set to hold a crisis meeting at 10 Downing St. today.

Business Secretary Sajid Javid says the steel industry “is absolutely vital for the country and we will look at all viable options” to save it.

The opposition Labour Party has urged the government to nationalize the steel industry, but Javid said “I don’t think nationalization is going to be the solution.”

Tata’s British operations are losing 1 million pounds ($1.4 million) a day.

— With files from The Associated Press