The Guardian16 Jul 2026Supply chain
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The transfer took effect 15 months after the government intervened, following royal assent of the Steel Industry (Nationalisation) Act on Wednesday, with Keir Starmer confirming the move on Thursday as one of his last acts as prime minister. An independent valuer will now assess whether any compensation is payable to Jingye, while the government acknowledged a future decarbonisation plan — likely involving electric arc furnaces — will cost well over £1bn.