What caused the crisis at British Steel?

The two blast furnaces at British Steel's Scunthorpe plant are the last of their kind in the UK. Baxter Media/Shutterstock

The two blast furnaces at British Steel’s Scunthorpe plant in England are the last of their kind in the UK. The UK steel industry was once a world leader, powering the industrial revolution. But these days it is in crisis.

The Chinese owner of the plant, Jingye Group, stopped ordering the raw materials needed for steel production and recently announced the furnaces would close down for good.