British Steel taken into public ownership
Comments Off on British Steel taken into public ownershipFormer Chinese owner Jingye is seeking compensation, though the Business Secretary says that will be independently assessed
Former Chinese owner Jingye is seeking compensation, though the Business Secretary says that will be independently assessed
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British Steel has formally been taken into public ownership 15 months after the government stepped in to prevent the closure of its steelworks in Scunthorpe and the loss of 4,000 jobs.
Keir Starmer on Thursday said it was in the national interest for the government to take over the factory from its Chinese owner, Jingye, in one of the last significant actions overseen by him as prime minister after the Steel Industry (Nationalisation) Act received royal assent on Wednesday.
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The Scunthorpe steelworks has been officially nationalised under new government powers passed this week.
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The steel works’ interim CEO described it as a ‘momentous day for British Steel, and everyone connected with our business’