UK Nationalises British Steel from China's Jingye on July 18, 2026

Key facts

• The British government took British Steel into full public ownership on July 18, 2026, nationalising the company from Chinese firm Jingye.
• British Steel had faced closure after Jingye deemed the Scunthorpe plant financially unviable in 2024.
• The UK government had taken operational control of British Steel in April 2025 and introduced legislation in May 2026 to nationalise it.
• Nationalisation brings British Steel back into government ownership for the first time since 1988.
• Prime Minister Keir Starmer stated that the decision secures the future of steelmaking in the UK, protects skilled jobs, and safeguards national capability.
• Business Minister Peter Kyle confirmed that compensation for Jingye will be determined by an independent assessor, and no payment may be made.