The UK government's Steel Industry (Nationalization) Bill, which would grant ministers powers to bring steel companies such as British Steel into public ownership under certain circumstances, has passed its third reading in the House of Commons and will now proceed to the House of Lords.
The legislation forms part of the government's broader Steel Strategy and is intended to provide a framework for intervention where public ownership is deemed necessary to protect the national interest.
Bill would allow public ownership of steel companies
Under the proposed legislation, the government would be able to bring steel companies into public ownership if a public interest test is met. The bill is designed to help secure the future of the UK's steel industry, support domestic production and preserve strategic industrial capacity.
Following its approval in the House of Commons, the legislation will now be examined by the House of Lords. Any amendments proposed by peers would subsequently need to be approved by Members of Parliament before the bill can become law.
Government highlights commitment to steel sector
Peter Kyle, Business and Trade secretary, said the government is committed to rebuilding the UK's steel industry and restoring domestic production capacity. According to Kyle, the legislation will help deliver the government's long-term vision for the steel sector while supporting wider economic growth objectives.
He stated that the bill would provide ministers with powers to nationalize steel companies where doing so serves the public interest. He said the era of allowing British industry to decline without government intervention had come to an end and emphasized the importance of investing in, modernizing and protecting domestic manufacturing.
According to the minister, the legislation reflects a broader strategy aimed at strengthening the UK's industrial base and securing the future of steel production.