STORY
A bill that could allow the Government to nationalise British Steel has been introduced to Parliament, marking the first formal step in giving ministers powers to bring steel companies into public ownership.
The Steel Industry (Nationalisation) Bill had its First Reading on Thursday, shortly after being announced in the King’s Speech. The Government said the legislation would apply across the UK and would allow ministers to nationalise steel companies, including British Steel, where it was necessary and where a public interest test had been met.
Ministers said the bill was intended to safeguard Britain’s steelmaking capability and protect the long-term future of the UK steel industry. The legislation would also include provisions for independently assessed compensation if the powers were used.
The Government said the measure builds on its Steel Strategy, launched in March, which set out plans to revitalise the sector, restore domestic production to sustainable levels and support steel’s role in national infrastructure, defence and clean energy.
Industry Minister Chris McDonald said the bill was an important first step towards safeguarding steelmaking capability and exploring options to modernise the industry. He said the fact it was among the first bills from the King’s Speech to begin its parliamentary passage showed the Government was putting domestic steel production high on its agenda.