The Steel Industry (Nationalisation) Bill is a government bill that would provide powers to nationalise a company involved in steel manufacturing where it is in the public interest. It completed its House of Commons stages on 9 June 2026 and is scheduled for second reading in the House of Lords on 16 June 2026. The government has explained the bill is being fast-tracked as it believes it is necessary to safeguard the future of the UK steel industry. It says this is important for the UK economy, national security and critical infrastructure.
Research briefing: Steel Industry (Nationalisation) Bill (358KB PDF)
Approximate read time: 25 minutes
The bill itself would not give effect to the nationalisation of any company. Instead, it would provide a framework for nationalising a steel undertaking, including transfer of securities or property, a compensation regime and connected financial assistance. Many of the powers provided by the bill would be exercisable by regulations.
A main focus of the bill is the potential nationalisation of British Steel Limited. This company is currently owned by the Chinese company Jingye Group but is subject to ongoing intervention by the government (including financial assistance) to ensure its continued operation. These powers are provided by the Steel Industry (Special Measures) Act 2025, emergency legislation passed by Parliament on Saturday 12 April 2025. This legislation was passed to stop the potential closure of the company, particularly its blast furnaces.
After continued negotiation over the future of British Steel, the government announced in May 2026 that it was minded to nationalise the company. It stressed that securing the future of steel production in the UK was important for the economy, jobs, critical infrastructure and national security. Although this announcement was cautiously welcomed by stakeholders and the local community in Scunthorpe, there have been concerns raised about the significant cost and complexity of nationalisation. In addition, the Chinese government has urged the UK to act prudently and said it would protect Chinese businesses.
The bill passed its House of Commons stages without amendment. However, a number of amendments were tabled and discussed with the aim of strengthening safeguards in the bill, particularly due to concerns over the potential costs of nationalisation. In addition, the Conservative Party set out its opposition to the bill based on its scope and potential costs, and stated that it did not address the problems affecting the industry.
Image by Kateryna Babaieva on Pexels.
Research briefing: Steel Industry (Nationalisation) Bill (358KB PDF)
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