On 16 July 2026, the UK Government announced that British Steel is now publicly owned after the Steel Industry (Nationalisation) Act received Royal Assent. The government said the move was intended to secure the future of the UK steel industry.
Warehouses rely on steel for manual handling and storage equipment. A good UK warehouse equipment manufacturer can source steel from various countries but often favours UK steel if it is competitively priced and available.
The government views keeping steel production active at its Scunthorpe plant as essential to its Modern Industry Strategy, which it launched in March 2026. The government concluded that public ownership is the best way to ensure continuous steel production.
The government’s Steel Strategy has a target for 50% of steel used in the UK to be produced in Britain. This ambition has been backed by a £2.5 billion investment. The government tried to reach an agreement with the previous owner of British Steel, Jingye, to secure its future, but failed to do so.
Keir Starmer, the departing Prime Minister, said:
“British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength. Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability.”
The priorities of the newly appointed British Steel board will be to stabilise production, manage health and safety and work with staff and trade unions to make British Steel a commercially successful producer of low-carbon steel.
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