The Steel Industry (Nationalisation) Bill will take its first step through Parliament today with its First Reading.
A Bill to grant the Government powers to nationalise steel companies such as British Steel, subject to a public interest being met, will be introduced to Parliament today (14 May), marking an important step towards safeguarding the long‑term future of the UK steel industry.
The Bill will have its First Reading - its formal introduction to Parliament - today, with its Second Reading expected to take place in the near future where MPs will have their first opportunity to debate the Bill and give their opinions.
Safeguarding Britain's steel capability and capacity is firmly in the national interest. The Bill provides the Government with a route to bring steel companies, such as British Steel, into public ownership where this is necessary and when a public interest test is met.
The legislation builds on the Government's Steel Strategy, launched in March, which sets out a long‑term plan to revitalise the UK steel sector, restore domestic production to sustainable levels and secure steel's role in critical sectors including national infrastructure, defence and clean energy.
Industry Minister Chris McDonald said:
Revitalising our steel sector is a top priority for this country, and this is an important first step to safeguard our steelmaking capability which would allow us to secure the future of British Steel and explore possible options to modernise the industry.
The fact this is one of the first of all the Bills announced yesterday to start its passage through Parliament shows this government is serious about securing Britain's domestic steel production, and we're putting it right at the top of our agenda.
Director General of UK Steel Gareth Stace, said:
We strongly welcome the Prime Minister's announcement to legislate for the nationalisation of British Steel. This provides vital certainty for the workforce, the company's customers and the wider supply chain at a critical moment.
Steel is a foundation industry and a recognised strategic national asset. Maintaining domestic production capability for British Steel's products is essential not only for economic growth but also for our national security and resilience.
The Bill will apply across the whole of the UK and includes provisions for independently assessed compensation where its powers are used.
Steel remains a cornerstone of Britain's economy, supporting around 37,000 direct jobs and more than 60,000 jobs across supply chains. But years of global overcapacity, unfair competition and high operating costs have made it harder for UK‑based steel companies to compete and invest.
