Neither Britain nor the US should let it’s steel industry wilt. It’s far too important an industry in case of war.
They shouldn’t let it be owned by foreigners either. Especially China.
No way should you use taxpayer’s money to prop up a Chinese venture.
Any support given should ensure the transfer of control back to British people. Otherwise let it fail and pick up the pieces.
So, you propose a marxist managed industrial economy.
We have a capitalist society where business is a private rather than government controlled.