British Steel Nationalised to Safeguard Jobs and Steel Production

British Steel has been taken into public ownership to protect jobs and safeguard "a vital national capability". The Scunthorpe steelworks employs roughly 2,700 and supports many industries in north Lincolnshire. The UK government previously controlled operations but not ownership, limiting strategic decisions. Nationalisation allows the government to decide the plant's future while keeping blast furnaces operational. The plant costs over £1 million daily, with Jingye seeking compensation. An independent assessor will determine compensation based on the company's value. Business Secretary Peter Kyle stated the alternative was letting the business go bust, risking the UK's primary steel production capability. Unite's Sharon Graham welcomed the move, calling for investment to transform the steel industry. The old furnaces, one from 1938, are near the end of their operational lives, making restarts after cooling financially prohibitive. The government aims to keep them open until electric arc furnace alternatives are available, as current steel types are irreplaceable for Network Rail and construction. Simon Boyd of Reid Steel supported the nationalisation, citing Jingye's sabotage of infrastructure and the need for heavy government investment. A private sale would have required government support, previously benefiting companies over the public.