The U.K. government has nationalized British Steel, bringing the Scunthorpe-based steelworks back into public ownership for the first time since 1988. The move was made possible under new government powers passed this week.
The nationalization is intended to protect the nation's steelmaking capacity. This follows government intervention last year, which sought to prevent the company's previous owner, the Chinese firm Jingye Group, from shutting down the works.
The transition to government ownership occurs after no private sector buyers came forward to acquire the company.