The announcement follows the Steel Industry (Nationalisation) Act 2026 receiving royal assent and becoming law.
British Steel has come under public ownership to protect “the future of steel production” in the UK, the Government has announced.
The Department for Business and Trade said the move was essential to maintain steel production at British Steel’s site in Scunthorpe, Lincolnshire, to protect 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.
A new leadership team has been appointed to focus on stabilising the business, the Government said.
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.”
The new law allows ministers to transfer steel businesses’ shares or property into public ownership.
