British Steel Nationalisation Bill Passes First Step in Parliament

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:

Director General of UK Steel Gareth Stace, said:

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.