July 16, 2026, 8:02 AM ETBritain's Secretary of State for Business and Trade, Peter Kyle, left, and Swiss Federal President Guy Parmelin talk prior to a press briefing, held as part of a bilateral meeting, at the Hotel Bellevue Palace in Bern, Switzerland, Monday, July 13, 2026. Parmelin and Kyle announced the conclusion of negotiations on a modernised free trade agreement between Switzerland and the United Kingdom. Anthony Anex/Keystone via APThe U.K. government has nationalized British Steel to protect the nation’s steelmaking capacity after the company’s Chinese owners moved to shut the plant’s blast furnaces.
The Department for Business and Trade announced the move on Thursday, saying it would save thousands of jobs and protect the U.K.’s national interest by ensuring a supply of domestically produced steel for major construction projects and the defense industry.
“British Steel now belongs to the British people, and our focus is on the future: stabilizing the business, backing the communities that rely on it and building a sustainable, competitive and decarbonized steel sector for the years ahead,” Business Secretary Peter Kyle said in a statement.
An independent evaluation will be carried out to determine whether any compensation will be paid to the firm’s former owner, China’s Jingye Group.
