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Mon, 11 May 2026

Mon, 11 May 2026 British Steel nationalisation plans announced by Starmer

The steelworks has been under government control for almost a year, but leglistation to nationalise it will be put forward this week.
The UK government plans to bring British Steel into public ownership, according to an announcement by Prime Minister Sir Keir Starmer. A public interest test will be conducted before the government takes full control of the company. The move comes after the government took over the Scunthorpe steelworks from Chinese owners Jingye in April last year to prevent its closure. Despite holding talks with Jingye, a commercial sale has not been possible, and nationalisation is now seen as the best option. This decision provides certainty for the 2,700-strong workforce and customers of British Steel. Industry body UK Steel welcomed the announcement, stating that maintaining domestic production capability for the company's products is essential for economic growth and national security. However, UK Steel director-general Gareth Stace emphasized that nationalisation should be a temporary measure, leading to a clear long-term plan and investment strategy for the company. The public interest test will consider factors such as national security, critical infrastructure, and supporting the economy.