UK Government Brings British Steel Under Public Ownership

British Steel has come under public ownership after the UK government moved to protect steelmaking, with Prime Minister Sir Keir Starmer saying the decision secures jobs and a key national capability, BBC reported. The Scunthorpe works employs roughly 2,700 people and supports other industries in north Lincolnshire. The government took control of British Steel operations in Scunthorpe last year, while the business remained owned by Jingye Group. Jingye has begun seeking compensation for nationalisation after previously saying the company was losing £700,000 a day; the government has said it could limit or refuse any payout. Parliament passed legislation on Wednesday allowing ministers to bring steel companies into public ownership when a public interest test is met.