The Department for Business and Trade announced the move, stating it was essential to maintain steel production at British Steel’s site in Scunthorpe, Lincolnshire, protecting both the company’s future and UK supply chains. The announcement follows the Steel Industry (Nationalisation) Act 2026 receiving royal assent and becoming law. Commons Deputy Speaker Judith Cummins confirmed the news to MPs on Wednesday.
New Leadership and Stabilisation
A new leadership team has been appointed to focus on stabilising the business, the Government said. The move aims to secure the long-term viability of steelmaking in the UK.
Prime Minister's Statement
Prime Minister Sir Keir Starmer said: “British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength. Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability.” He continued: “This Government will always act in the national interest to support British industry, strengthen our economy and ensure the industries we rely on can thrive long into the future.”
Legal Framework
The new law allows ministers to transfer steel businesses’ shares or property into public ownership. British Steel employs around 4,000 people, with the majority based in Scunthorpe.
