British Steel set to be nationalised, Starmer says
The move follows failed talks with Jingye and could protect about 4,000 workers as ministers weigh national security and supply chain risks.
- Prime Minister Sir Keir Starmer announced on Monday that legislation will be introduced this week to take full national ownership of British Steel, following failed commercial negotiations with current owner Chinese group Jingye.
- Unsuccessful negotiations with Jingye led the government to pursue intervention, mirroring emergency legislation passed last year to secure the Scunthorpe plant when the GMB Union alleged the company would not negotiate in good faith.
- British Steel employs around 4,000 people across sites in Scunthorpe and Teesside; Gareth Stace, director-general of industry body UK Steel, stated the nationalization provides "vital certainty" for the 2,700 workforce.
- Delivering a speech at the Coin Street Neighbourhood Centre in London, Starmer defended the intervention as essential for economic security amid political pressure following election results where Labour lost almost 1,500 seats.
- Nationalization is "not an end goal," Stace noted, but must serve as the "beginning of a clear and credible long-term plan for British Steel" with government investment for sector modernization.
36 Articles
36 Articles
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Sir Keir Starmer: British Steel set to be nationalised to protect Scunthorpe jobs
British Steel is set to return to public ownership as Sir Keir Starmer announced new laws he said will give the Government “options” to protect the industry and Scunthorpe workers.
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