Government to Nationalise British Steel
British Steel is poised to enter public ownership, the prime minister has declared.
Sir Keir Starmer stated that legislation would be introduced this week to empower the government to assume "full ownership of British Steel", contingent upon a public interest test.
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Background on Government Intervention
This decision follows the government's takeover of British Steel's Scunthorpe steelworks from its Chinese owners Jingye in April last year, aimed at preventing the closure of its blast furnaces.
Sir Keir noted that discussions had taken place with Jingye, but a sale through commercial means was not achievable, and now a public interest test might be satisfied.
"commercial sale has not been possible, and now a public test could be met"
