UK government takes British Steel into public ownership

The UK government has taken British Steel into public ownership, completing the takeover in July 2026. The process began 15 months earlier, when ministers stepped in to stop the Scunthorpe steelworks from closing. At that time, around 4,000 jobs were at risk.

British Steel was previously owned by the Chinese company Jingye Group, which bought it in 2020 but reported heavy financial losses. The government passed a new law, the Steel Industry (Nationalisation) Act, before formally taking control.

Prime Minister Keir Starmer said the decision was in the national interest. Business Secretary Peter Kyle added that the UK needed its own steel production to avoid depending on foreign suppliers. Jingye Group has said it will seek financial compensation for the nationalisation.