Calls for steel nationalisation if deal not agreed
British Steel launched a consultation on the proposed closure of its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk, saying they were "no longer financially sustainable".
Industry body UK Steel warned the ending of production in Scunthorpe would mean the UK would lose vital steelmaking capabilities, after Business Secretary Jonathan Reynolds made an offer on Monday to owners Jingye, thought to be worth £500m.
Community said: "If a deal can't be reached with Jingye, then the government must move to nationalise the business."
It followed the collapse of talks between Jingye and the government over a support package for the company as it looks to secure a sustainable future by decarbonising.
Alasdair McDiarmid, assistant general secretary of Community, said: "British Steel is a business of huge strategic importance, not just to the local economy and the wider steel sector, but to the country as a whole.
"There is now a serious risk that the UK will become the only G7 country unable to produce its own virgin steel."
"This would be a totally unacceptable situation at any time, let alone in the current era of global insecurity and volatility."
Mr McDiarmid's call was echoed by a number of MPs in a House of Commons debate on Thursday.
Martin Vickers, the Conservative MP for Brigg and Immingham, said: "Although I would not want to advocate this, will the government consider nationalisation of the industry as a last resort?"
He told the BBC: "Though I'm a free marketeer I do recognise... we are not going to maintain a steel industry in the UK without government support now.
"Whether that support comes via nationalisation or a subsidy to a private company, it matters not."
British Steel was expecting a £1bn injection of government money to keep the business going, the BBC understands.
Zengwei An, the company's chief executive, said the launch of the consultation process was "a necessary decision given the hugely challenging circumstances the business faces", with the imposition of tariffs and higher environmental costs.
The consultation will look at the options of ending operations by early June, in September, or at a later date.
UK Steel director general Gareth Stace described the potential closure as a "gut punch to UK steelmaking".
"All options should be on the table, and we need a secure future for our steel industry," he said.
"The end of steelmaking at British Steel would mean we have a major gap in capacity to meet the future demand of the nation and will be an irreparable break in the armour of national security."
In the Commons on Thursday, Industry Minister Sarah Jones did not rule out nationalisation as an option, but the government's "preferred approach, by far, is that British Steel come back to the table with us".
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