Stories

Fri, 17 Jul 2026

Fri, 17 Jul 2026 Why has British Steel been nationalised?

The UK's only remaining plant making virgin steel has been taken into public ownership after years of uncertainty over its future.

* The UK government has taken control of British Steel, the last remaining plant in the country producing virgin steel.
* The Scunthorpe plant employs 2,700 people, about three-quarters of the company's workforce.
* The nationalization aims to protect jobs and safeguard a "vital national capability."
* China's commerce ministry has hit out at the nationalization, saying it "firmly opposes" the British government's decision.
* Jingye is seeking compensation for nationalization, with an independent assessor determining whether the company should be compensated based on its value.
* The UK steel industry contributes £1.7bn to the UK economy annually and has 1,160 businesses supporting 40,000 other firms.