British Steel set to be nationalised, Starmer says

UK Prime Minister Keir Starmer announced the government will move to nationalise British Steel, introducing legislation this week to enable full public ownership subject to a public interest test. The state previously seized control of the Scunthorpe steelworks from Chinese owner Jingye in April last year to prevent furnace closures; Starmer said commercial sale was not possible. Markets may react to increased government intervention risk and potential sector-specific relief for UK steel capacity; the move could weigh on investor sentiment for UK industrial stocks while supporting regional employment and supply-chain stability. The announcement is likely to have headline impact on UK political risk and could influence performance of the UK 100 index and related domestic industrial names.