Nationalising British Steel

The Government has taken British Steel into public ownership to protect the future of steel production in the UK. The Bill to do this came into force on 16 July.

Steel plays a really important role in the UK economy; it is used in critical infrastructure and national security. Including marine and renewables, which are so important for us in Cornwall. The steel industry supports around 33,000 jobs in the UK.

This follows wider support for the UK steel sector, such as the UK Steel Strategy, published in March and backed by up to £2.5 billion of investment, as well as limiting tariff-free steel imports into the UK.