British Steel nationalisation plans announced by Starmer

Just nowShareSaveAdd as preferred on GoogleMichael RaceBusiness reporter

Reuters

British Steel is set to be brought into public ownership, the prime minister has announced.

Sir Keir Starmer said legislation would be brought forward this week to give the government powers to take “full ownership of British Steel”, subject to a public interest test.

The move comes after the government seized control of British Steel’s Scunthorpe steelworks from its Chinese owners Jingye in April last year in order to halt the potential closure of its blast furnances.

Sir Keir said the government had held talks with Jinqye, but that a “commersicial sale has not been possible, and now a public test could be met”.