Why Has British Steel Been Nationalised?

British Steel has been taken into public ownership after years of uncertainty over its future, with the UK government moving to secure the Scunthorpe plant in Lincolnshire, according to BBC. The plant employs 2,700 people and is the last site in the UK still producing virgin steel, which the government says is vital to economic security. The body also says Jingye Group, which bought British Steel in 2020 after it passed through insolvency proceedings, had said the plant was losing about £700,000 a day and launched a consultation on closure in late March 2025. The government says nationalisation will protect jobs and keep the blast furnaces running while it decides the plant’s future. Jingye is seeking compensation, while China’s commerce ministry said it “firmly opposes and is strongly dissatisfied” with the decision.