The UK Government has officially taken local steel company British Steel into public ownership after the Steel Industry (Nationalization) Act received Royal Assent, concluding that nationalization was in the public interest and necessary to protect the country's steelmaking potential.
The decision is designed to protect steel production at British Steel's Scunthorpe site, protect thousands of jobs and secure supply chains supporting infrastructure, defense and others strategic sectors.
Government cites national interest
The Government says the decision was made after assessing the potential impact on the UK economy, critical infrastructure and national security.
Peter Kyle, business secretary, concluded that public ownership was the most appropriate way to secure the company's future after negotiations with Jingye's former owner failed to reach an agreement that would both protect business and delivered value to taxpayers.
The government had already intervened in British Steel in April 2025 to keep the company's blast furnaces running and prevent them from closing.
New management team appointed
The government appointed a new management team made up of newly appointed non-executives directors.
Their immediate priorities include stabilizing operations, maintaining production, overseeing health and safety, and working with management, labor, and unions to
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