Overview
- Prime Minister Keir Starmer said Monday that the government will bring forward legislation this week to give ministers the option to take British Steel into public ownership subject to a statutory test.
- Ministers have run the Scunthorpe-based business since April 2025 under emergency powers after Jingye moved to shut blast furnaces, and talks to agree a commercial transfer have since failed.
- The King’s Speech sets out a Steel Industry (Nationalisation) Bill that requires an independent valuation to determine any compensation and limits any takeover to after Royal Assent.
- The National Audit Office reported hundreds of millions spent to keep the plant operating, while industry figures told Politico the shift to a modern electric arc furnace could cost at least £1 billion with total outlays potentially exceeding £1.5 billion by 2028.
- Scunthorpe hosts the UK’s last blast furnaces for virgin steel used by major customers such as rail, and unions and industry groups back the move but press for a clear plan to protect jobs and fund low‑carbon upgrades.