In a dramatic turn of events, Parliament is set to be recalled this Saturday to discuss an urgent law aimed at saving the struggling British Steel plant in Scunthorpe from impending closure.

During a press conference, Labour leader Sir Keir Starmer announced that the proposed legislation would empower ministers to "take control" of the crucial Lincolnshire plant, which provides jobs for 2,700 workers.

Though the plan stops short of outright nationalization, Prime Minister Boris Johnson hinted that "all options" remain open as they tackle this brewing crisis.

This urgent meeting comes after the plant's Chinese owner, Jingye, revealed that its blast furnaces are "no longer financially sustainable," sparking dire talks to keep production alive.

MPs had just left Westminster for their Easter break on Tuesday, originally scheduled to return on April 22.

In a rare move, the House of Lords will also be recalled to expedite the legislation, with the government aiming to pass it within a single day.

The Prime Minister emphasized that the fate of British Steel hangs in the balance, with steel production deemed vital for both our economy and national security.

Reports suggest ministers are seeking immediate rights to oversee the site, ensuring a steady supply of raw materials as current stocks are expected to dwindle in the coming weeks.

Following Easter, Parliament may be asked to grant the government broader powers for potential nationalization.

A spokesperson from No 10 remarked that this legislation is imperative to "preserve capability and ensure public safety" at the Scunthorpe facility, the last place in the UK producing high-grade virgin steel.

Since acquiring British Steel in 2020, Jingye has faced dire financial struggles, reportedly losing around £700,000 daily. Last month, they confirmed plans to cut jobs due to "highly challenging" market conditions and rising costs associated with lower-carbon production.

Despite government attempts to negotiate a deal to keep their coking coal supply flowing, talks have reached a stalemate.

A government source expressed deep concerns over the reliability of the Chinese owners, stating they are "no longer trustworthy partners" in this critical situation.

Historically, Parliament has only been recalled from scheduled breaks 34 times since 1948, with the last occasion occurring in August 2021 regarding the US withdrawal from Afghanistan.

Critics, including Conservative shadow Cabinet Office minister Alex Burghart, argue that the need for this swift recall reflects a failure in the government's negotiations.

Liberal Democrat leader Sir Ed Davey stressed that all possibilities should be considered for this matter of national security, seeing the recall as an opportunity for a comprehensive plan for the future of domestic steel production.

Reform UK leader Nigel Farage described the situation in Scunthorpe as "desperate," urging the government to take bold steps towards public ownership of British Steel.