The UK government has introduced a bill to nationalize steel companies such as British Steel, owned by the Chinese company Jingye Group, if it is in the public interest, the UK Ministry of Business and Trade announced on May 14.
The first reading of the bill will take place on May 14, followed by a second reading expected in the near future, during which deputies will have their first opportunity to discuss the bill and express their opinions.
"We strongly welcome the Prime Minister's statement on the adoption of the law on the nationalization of British Steel. This provides vital confidence for employees, customers and the entire supply chain at a critical time," said Gareth Stace, CEO of UK Steel, a trade association representing the British steel industry. "Steel is a fundamental industry and a recognized strategic national asset. Maintaining British Steel's domestic production capacity is essential not only for economic growth, but also for our national security and sustainability," he added.
In April 2025, the government intervened in British Steel's activities under the Steel Industry program (Special Measures). Take measures to ensure uninterrupted production and avoid the closure of blast furnaces, which would disrupt supply chains and endanger thousands of jobs. Officials have since held talks with the owner of British Steel to find a commercial solution, but have been unable to reach an agreement that would provide an acceptable cost to taxpayers, the government said.
"Whatever actions the UK government takes, it must fully take into account the significant investments of the Chinese enterprise in British Steel and its contribution to the UK economy and society, respect the will of the enterprise and market principles, and avoid abuse of administrative coercion, while the Chinese enterprise actively seeks fair and appropriate solutions acceptable to both the parties," a representative of the Chinese Ministry of Commerce said in a statement. May 1, 14.
"We hope that the UK government will follow the principles of honesty, justice and non-discrimination, think carefully before acting, make informed decisions, effectively protect the legitimate rights and interests of Chinese enterprises, and maintain the hard-won results of a positive atmosphere in Sino-British economic and trade relations. China will closely monitor developments and take decisive measures to protect the legitimate rights and interests of Chinese enterprises."
