{"id":577917,"date":"2026-05-11T11:10:10","date_gmt":"2026-05-11T11:10:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/577917\/"},"modified":"2026-05-11T11:10:10","modified_gmt":"2026-05-11T11:10:10","slug":"british-steel-nationalisation-plans-announced-by-starmer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/577917\/","title":{"rendered":"British Steel nationalisation plans announced by Starmer"},"content":{"rendered":"<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Virgin steel-making involves iron being extracted from its original source to be purified and treated to make all types of steel used in major construction projects, such as new buildings and railways.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Jingye claimed the Scunthorpe site was losing \u00a3700,000 a day and was no longer financially sustainable, ahead of the government stepping in last year. The BBC understands that the government is spending about \u00a31m a day to keep the loss-making company going.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">In March, the National Audit Office revealed the current government supervision regime had cost some \u00a3377m in order to fund operations, workers and buying raw materials at Scunthorpe.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The NAO, which monitors government spending, said in March that if such spending was to continue at current rates, it could exceed <a href=\"https:\/\/www.nao.org.uk\/press-releases\/government-spends-377-million-in-9-months-to-keep-british-steels-scunthorpe-site-operating\/\" class=\"ssrcss-1e0jzsh-InlineLink e1kn3p7n0\" rel=\"nofollow noopener\" target=\"_blank\">\u00a31.5bn in 2028 &#8220;depending on policy choices that may be taken in the future&#8221;., external<\/a><\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">A precise figure of how much full nationalisation of British Steel could cost has not been announced and it is understood that following legislation an independent valuation would be carried out of the business, to see what, if any, compensation might be due to Jingye.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">This is not the first time the government has taken over British Steel, with the Insolvency Service running the company for nine months after it collapsed in 2019, at a cost of \u00a3600m.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">In a joint statement, the general secretary of the Community union, Roy Rickhuss, and Unite union general secretary Sharon Graham said they &#8220;fully support&#8221; the decision to nationalise.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;British Steel has a bright future, with a world class highly skilled workforce making strategically important steels for the UK&#8217;s rail and infrastructure,&#8221; they said.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;The government must also take actions to ensure that all government-funded projects use UK steel.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Charlotte Brumpton-Childs, national secretary of the GMB Union, said it was &#8220;right the government does everything in its power to secure its long term future&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"Virgin steel-making involves iron being extracted from its original source to be purified and treated to make all&hellip;\n","protected":false},"author":2,"featured_media":577918,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[59,57,58,50,56,54,55],"class_list":["post-577917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/577917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=577917"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/577917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/577918"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=577917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=577917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=577917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}