00:00The immediate need is for us to secure the blast furnaces.
00:04So we have the raw materials and the blast furnaces continue to operate.
00:09That gives us the time to look at the future and decide what needs to be done.
00:15And the Prime Minister has been clear that all options remain on the table.
00:19What we are sure of is that we are not going to repeat the mistakes of the previous government.
00:24We are still making halved in this country where we saw the catastrophic closure of the red car plants.
00:31And we are intervening to make sure we keep the blast furnaces open and give ourselves a chance of a future.
00:39We have been negotiating in good faith with Jingye.
00:42We have done a private sector deal in Port Talbot.
00:45We believe that there is a credible option there for the private sector to come in
00:50and transform that site into a viable profit-making site.
00:55If that is not an option, the Prime Minister has been clear that all options remain on the table.
01:00We have negotiated in good faith.
01:02We do not take lightly the fact that we are spending taxpayers' money.
01:07We need to make sure we're spending it in the right way,
01:10which is why we were hoping to do a deal with Jingye where they would invest and we would invest.
01:15That has not come to pass.
01:17We need to give ourselves the options of a future and we need to stand up for British steel.
01:22And that is what the Prime Minister is doing today, acting in the national interest,
01:27securing primary steel-making in this country and saving British steel.
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