The UK has nationalised British Steel in an effort to protect the future of steel production in the country, the government says, completing a takeover of what was a Chinese-owned company.
The government said bringing British Steel into public ownership was necessary to protect the UK's national interest.
"British Steel is part of the fabric of our nation and a cornerstone of Britain's industrial strength. Today's decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability," outgoing Prime Minister Keir Starmer said on Thursday.
The government seized operational control of British Steel from its Chinese owners, Jingye, in April 2025 to stop the closure of the steelworks in Scunthorpe in northern England and protect 2700 jobs at the plant and thousands more in the supply chain.
The plant, the country's last remaining primary steelmaking site, supplies the rail, construction, and automotive industries, but has in recent years struggled with high energy costs in Britain and a glut of steel in the global market.
In May, after the state failed to find a buyer for the company that was privatised under Margaret Thatcher in 1988, Starmer said his government would bring in legislation to allow it to take ownership.
The government has appointed a new leadership team which will focus on stabilising operations, managing health and safety, maintaining production, and working with management, trade unions and staff to make British Steel a commercially sustainable, low-carbon enterprise, it said.
"British Steel now belongs to the British people, and our focus is on the future," Secretary of State for Business and Trade Peter Kyle said.