British Steel Nationalized as UK Takes Control of Scunthorpe Plant
New government powers formalize public ownership of the historic steelworks
The British government has formally brought British Steel under public ownership, nationalizing the company's Scunthorpe steelworks using new powers passed by Parliament this week, the BBC reported.
The move marks a significant intervention in the country's steel industry, which has faced years of financial pressure, and puts the state in direct control of one of Britain's last major steel-producing plants.
— Compiled from reporting by the BBC.