“Public ownership is in the public interest”, the prime minister said in a speech.
The steelmaking industry welcomed the announcement. Gareth Stace, director-general of industry body UK Steel, said it provided “vital certainty” for the 2,700 workforce and the company’s customers.
“Maintaining domestic production capability for British Steel’s products is essential not only for economic growth but also for our national security and resilience,” he said.
However, Stace said nationalisation was “not an end goal”, and the process must be the “beginning of a clear and credible long-term plan for British Steel” and an investment strategy.
This is not the first time the government has taken over British Steel, with the Insolvency Service running the company for six months after it collapsed in 2019, at a cost of £500m to taxpayers.
