Jennifer Meierhans

Shell reported second-quarter profits of $9.84bn, more than double the previous year's figure, as the Iran conflict drove volatility and higher prices in oil and liquefied natural gas markets. Trading gains helped lift first-half earnings by 70%, despite a sharp decline in gas and total oil production caused partly by the shutdown and missile damage at Shell's Qatar operations. Analysts praised the company's integrated business model, while Friends of the Earth condemned the profits as benefiting from an energy crisis and worsening climate change.

British Steel has been nationalised after sustained financial losses at its Scunthorpe plant, the UK's last facility producing virgin steel. The government argues the move protects jobs and preserves a strategic industrial capability as the plant faces unsustainable losses, high energy costs, global oversupply and tariffs. Previous owners included Tata Steel, Greybull Capital and most recently China’s Jingye, which is now seeking compensation. The National Audit Office estimates the plant is costing the government £1.3m per day. With ageing blast furnaces nearing the end of their operational lives, nationalisation provides time to determine the future of the site. The UK steel industry continues to contract, relying increasingly on imports, while other domestic producers such as Tata and Liberty Steel have also struggled amid global competition and high operating costs.

British Steel has been nationalised after continued financial losses at its Scunthorpe plant, the UK’s last producer of virgin steel. The government argues that maintaining domestic primary steelmaking is essential for economic security, while Jingye, the former owner, seeks compensation and attributes the plant’s problems to challenging market conditions, tariffs and high operating costs. Aging blast furnaces, declining domestic steel production and global oversupply have compounded financial pressures. Nationalisation allows the government to keep operations running temporarily while determining the plant’s future, though long-term public ownership is considered unlikely. The wider UK steel sector remains under strain, with other major producers scaling back or transitioning to greener production methods, and the country relying heavily on imports to meet demand.