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[BUSINESS] · United Kingdom, China · 55 sources

British Steel nationalised by UK government to protect steelmaking

The UK government has taken British Steel into public ownership under the Steel Industry (Nationalisation) Act 2026, citing the need to safeguard a vital national capability. The move secures the Scunthorpe plant, the country's last primary steelmaking facility, protecting roughly 2,700 direct jobs and thousands of supply‑chain positions. The plant was previously owned by China’s Jingye Group, which reported daily losses of about £700,000 and had threatened to shut the blast furnaces. The National Audit Office estimated the site costs the Treasury around £1.3 million per day. Prime Minister Keir Starmer called the step “a cornerstone of Britain’s industrial strength,” while Business Secretary Peter Kyle said it prevents dependence on imported steel and supports national security. China’s Ministry of Commerce condemned the nationalisation as a breach of Jingye’s rights and warned it undermines Chinese investor confidence in the UK, invoking the China‑UK Investment Protection Agreement.

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