British Steel is taken into public ownership to save UK supply

Government brings British Steel into public ownership to protect UK steelmaking. The Chinese company Jingye Steel is demanding full compensation.

Prime Minister Keir Starmer said: "British Steel is part of the fabric of our nation and a cornerstone of Britain's industrial strength." The 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", Starmer said.
The decision follows a series of comprehensive support measures for the British steel industry, including the publication of the Steel Strategy, which provides for a 51 per cent reduction in duty-free import quotas and a £500 million investment in Tata Steel’s Port Talbot steelworks.
In an initial response, the Chinese company Jingye Steel has demanded immediate and full compensation for the investments it has made. Jingye accuses the UK of breaching international investment rules through the nationalisation. This follows a dispute over investment protection rules and the question of whether ‘national security’ permits the imposition of harsh measures without compensation.
Source: British Steel, Jingye Steel