Government brings British Steel under public ownership

British Steel has been placed under public ownership after the government acted to “protect UK steelmaking.” The steelworks in Scunthorpe, which employs roughly 2,700 workers and underpins a range of industries across north Lincolnshire, has faced persistent uncertainty in recent years. Prime Minister Sir Keir Starmer said, “Today's determination secures the future of steelmaking in the UK, protects skilled jobs and safeguards a critical national capability.” He later added, “British Steel is part of the fabric of our federation and a cornerstone of Britain's economic strength.” Starmer continued, “This government will ever act in the national interest to support British industry, strengthen our economy and guarantee the industries we rely on can thrive long into the future.” Although the UK government assumed control of British Steel’s Scunthorpe operations last year, the plant has remained under the ownership of the Chinese firm Jingye Group. Jingye stated it has initiated proceedings to seek compensation for the nationalisation, noting previously that the business was losing £700,000 a day. The government,