The UK Government has taken British Steel into public ownership to protect the future of the country’s steel production.
The acquisition follows the Steel Industry (Nationalisation) Act receiving Royal Assent and ministers concluding public ownership was vital to protect the UK’s national interest.
Maintaining steel production at British Steel's Scunthorpe site is considered essential to preserving the UK's ability to make steel domestically.
Keir Starmer, Prime Minister of the UK, 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.
"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 decision follows wider support for the UK steel sector, including the publication of the Steel Strategy, a reduction in tariff-free import quotas by 51% and a £500m investment in Tata Steel’s Port Talbot steelworks.
Business Secretary Peter Kyle added: "British Steel is one of the nation’s biggest steel producers, and I’ve made the decision to nationalise the business to secure steelmaking capability and maintain production in the national interest.
"British Steel now belongs to the British people, and our focus is on the future: stabilising the business, backing the communities that rely on it and building a sustainable, competitive and decarbonised steel sector for the years ahead."
