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Wed, 15 Jul 2026

Wed, 15 Jul 2026 British Steel nationalisation takes step closer

The new legislation would see Scunthorpe-based British Steel brought into public ownership.
The UK government has gained powers to nationalize British Steel, allowing it to be taken into public ownership if necessary. The House of Commons approved amendments to the Steel Industry (Nationalisation) Bill on Tuesday, and it received royal assent later that day. Energy minister Chris McDonald stated that the government is acting decisively in the national interest, while shadow business secretary Andrew Griffiths criticized the move as a bad idea. British Steel's owner Jingye has begun seeking compensation for nationalization, but the UK government may limit or refuse payment. The company has been at risk of closure after its parent firm was unable to reach a deal with Jingye. The nationalization bill is seen as a significant step in securing the future of the steel industry and protecting jobs in Scunthorpe and the surrounding area. North Lincolnshire Council leader Rob Waltham welcomed the news, saying it provides certainty for the local economy and steel production. However, he also stressed that more needs to be done to ensure the long-term sustainability of the industry.