British Steel is taken into public ownership to save UK supply
Scunthorpe factory is expropriated from China’s Jingye and ministers will ask a valuer to assess compensation
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 that 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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