British Steel has been taken into public ownership by the Government, in what it says is a move to protect the future of the industry in this country.
The move follows the Steel Industry (Nationalisation) Act receiving Royal Assent on Wednesday.
“British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength,” Prime Minister Sir Keir Starmer said.
“Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability.
“This Government will always act in the national interest to support British industry, strengthen our economy and ensure the industries we rely on can thrive long into the future.”
The Government stepped in at British Steel in April last year to keep the company running and prevent a closure of the Scunthorpe site that would have put steel production, supply chains and thousands of jobs at risk.
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