British Steel set to be nationalised, Starmer says
Summary
The British government plans to take full control of British Steel, a move announced by Prime Minister Keir Starmer. This decision follows the government seizing the company’s Scunthorpe steelworks from its Chinese owners last year to stop the closure of key steelmaking facilities.Key Facts
- The government will introduce laws to gain full ownership of British Steel, pending a public interest test.
- British Steel’s Scunthorpe steelworks was taken from Chinese owners Jingye in April last year.
- Attempts to sell the company commercially have not succeeded.
- Prime Minister Starmer said public ownership serves the public interest.
- UK Steel’s director said nationalisation gives job security for 2,700 employees and supports customers.
- Maintaining steel production in the UK is important for economic growth, national security, and resilience.
- Industry leaders stress that nationalisation must be followed by a clear long-term plan and investment.
- The government previously took over British Steel in 2019 after its collapse, costing taxpayers £500 million.
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