LONDON — Britain has taken British Steel into public ownership, completing the nationalization of the company previously owned by China's Jingye Group in a move the government said was necessary to protect the country's steelmaking capacity, jobs and critical industrial capabilities.
The Department for Business and Trade said British Steel transferred into public ownership with immediate effect after the Steel Industry (Nationalisation) Act received Royal Assent on July 15. The government said the move followed an assessment that nationalization was in the public interest after efforts to secure a private-sector solution failed.
Business Secretary Peter Kyle said the decision would safeguard domestic steel production, protect thousands of jobs and help secure supply chains supporting infrastructure projects and national security. British Steel's Scunthorpe plant is Britain's last site capable of producing primary steel from iron ore. The government said the company had been operating under state intervention since April 2025 to prevent the closure of its blast furnaces.
Jingye Group has criticized the takeover and called for compensation, while China's government has expressed concern that the move could undermine confidence among Chinese investors in Britain. Beijing said it would monitor developments and reserved the right to take measures to protect Chinese interests.
The British government has appointed a new leadership team to stabilize the business and develop a commercially sustainable, lower-carbon future for the steelmaker. Officials said an independent process would assess compensation issues where required under the legislation. No further operational changes were announced immediately, and the situation remains subject to ongoing government management.
