British Steel renationalized after 5-year Chinese ownership

British Steel has officially come under the control of the UK government after Parliament was recalled for a rare Saturday sitting on April 12 to pass the Steel Industry (Special Measures) Bill. The move effectively ends the five-year ownership of the company by China's privately-owned steelmaker Jingye Group and aims to keep British Steel's blast furnaces at Scunthorpe operational, Mysteel Global learned.

The legislation, which has received Royal Assent, allows the UK government to manage British Steel's operations without a full transfer of ownership - at least for now. Business and Trade Secretary Jonathan Reynolds told Parliament that the government had been negotiating in good faith with Jingye, offering a "generous"