Steel Industry (Nationalisation) Act 2026

6A

Clause 3, page 2, line 13, at end insert “, but may not be exercised so as to substitute a period that ends more than 2 years after the end of the period for the time being specified in subsection (1).”

1

Clause 2, page 1, line 13, at end insert “and, (b) has had regard to the impact of exercising that power on the public finances.”

2

Clause 2, page 1, line 14, leave out “includes (but is not limited to)” and insert “means”

3

Clause 2, page 1, line 20, at end insert— “(2A) The Secretary of State may not exercise a principal transfer power unless the Secretary of State has commissioned an independent assessment of whether the exercise of the power is in the public interest, and that assessment has demonstrated that it is in the public interest. (2B) The Secretary of State may appoint such independent person as the Secretary of State thinks fit to carry out an independent assessment under subsection (2A), and may pay remuneration and allowances to that person.”

4

Clause 2, page 1, line 20, at end insert— “(2A) The exercise of a principal transfer power may only be considered to be in the public interest under subsection (1) if the Secretary of State is satisfied that the exercise of the power would provide value for money for the taxpayer.”

5

Clause 2, page 1, line 20, at end insert— “(2A) The Secretary of State may not exercise a principal transfer power under subsection (1) unless they have published and laid before Parliament a statement containing full details of the criteria used to assess whether the exercise of power would be in the public interest.”

6

Clause 3, page 2, line 11, leave out from “regulations” to end of line 12 and insert “extend that period for a further period not exceeding two years beginning with the end of that period.”

7

Clause 4, page 2, line 29, at end insert— “(3A) When deciding whether to make share transfer regulations under this section in respect of a steel undertaking, the Secretary of State must consider the costs that the Secretary of State thinks are likely to be associated with the exercise of the power.”

8

Clause 4, page 2, line 30, leave out “negative” and insert “affirmative”

9

Clause 15, page 8, line 20, at end insert— “(3A) When deciding whether to make property transfer regulations under this section in respect of a steel undertaking, the Secretary of State must consider the costs that the Secretary of State thinks are likely to be associated with the exercise of the power.”

10

Clause 15, page 8, line 21, leave out “negative” and insert “affirmative”

11

After Clause 30, insert the following new Clause— “Contingent liabilities (1) The Secretary of State may not exercise a principal transfer power in relation to a steel undertaking unless the Secretary of State has laid before Parliament a statement on the value of contingent liabilities associated with the exercise of that power. (2) The statement under subsection (1) must include— (a) the estimated value of any contingent liabilities to be acquired, including environmental, pension and operational liabilities, and (b) the steps the Secretary of State will take to minimise taxpayer exposure to those contingent liabilities.”

12

Clause 39, page 25, line 32, leave out “the negative procedure” and insert “— (a) the affirmative procedure, or (b) if the Secretary of State thinks it necessary to make regulations without using the affirmative procedure, the made affirmative procedure.”

13

Clause 45, page 28, line 37, leave out “negative” and insert “made affirmative”

14

Leave out Clause 50

15

After Clause 50, insert the following new Clause— “Report on principal transfer powers (1) The Secretary of State must, before the end of each period of three months beginning with the day on which the principal transfer powers under this Act are exercised in respect of a steel undertaking, make a written statement to each House of Parliament setting out— (a) the progress, and the operational and financial performance, of the steel undertaking in respect of which a transfer power has been exercised, and (b) the impact of this Act, including (so far as it is possible to assess) its effects on the steel industry in the United Kingdom, on employment and on the public finances. (2) The duty in subsection (1) continues until no steel undertaking remains in public ownership as a result of the exercise of a transfer power.”

16

After Clause 50, insert the following new Clause— “Stakeholder Advisory Committee (1) The Secretary of State must establish a Stakeholder Advisory Committee to provide advice on the exercise of principal transfer powers under this Act (“the Committee”). (2) The Secretary of State must ensure that the membership of the Committee includes representation from stakeholders, including but not limited to— (a) industries that rely on the supply of steel, including the defence sector and critical national infrastructure, (b) representatives of the workforce of the steel undertaking, and (c) local authorities for the areas in which the steel undertaking operates. (3) The Secretary of State must consult, and have regard to the advice of, the Committee before making a determination that the exercise of a principal transfer power is necessary in the public interest under section 2.”

17

Clause 53, page 34, line 26, leave out from “regulations” to “by” in line 27 and insert “must provide for any valuation for the purposes of the regulations to be carried out”

18

Clause 54, page 35, line 10, leave out “determining an amount of compensation” and insert “the carrying out of a valuation”

19

Clause 54, page 35, line 11, leave out from “the” to end of line 13 and insert “carrying out of a valuation by an independent valuer.”

20

Clause 54, page 35, line 16, after “(3)” insert “, (4)(b)”

21

Clause 54, page 35, line 26, leave out from “regulations” to “an” in line 27 and insert “— (a) must require;”

22

Clause 54, page 35, line 27, leave out “making a determination” and insert “carrying out a valuation”

23

Clause 54, page 35, line 34, at beginning insert “may”

24

Clause 54, page 35, line 41, at end insert— “(5A) The regulations must provide that— (a) the independent valuer prepares and submits to the Secretary of State a written estimate of the pensions liabilities of that undertaking; (b) the Secretary of State publishes and lays before Parliament any written estimate provided under this subsection.”

25

Clause 54, page 36, line 1, leave out “determining the amount of compensation (if any) payable” and insert “carrying out a valuation”

26

Clause 54, page 36, line 3, leave out from the second “to” to “in” in line 4 and insert “do so”

27

Clause 54, page 36, line 10, leave out “determining the amount of compensation (if any) payable” and insert “carrying out a valuation”

28

Clause 54, page 36, line 12, leave out from the second “to” to “in” in line 13 and insert “do so”

29

Clause 54, page 36, line 19, leave out “make a determination” and insert “carry out a valuation”

30

Clause 54, page 36, line 23, leave out from “in” to “in” in line 25 and insert “carrying out a valuation in relation to a relevant steel undertaking, to do so”

31

Clause 58, page 39, line 5, after “assistance” insert “of a total value of no more than £2.5 billion in the period ending on 15 August 2029”

32

Clause 58, page 39, line 7, at end insert— “(1A) Before providing financial assistance under this section, the Secretary of State must lay a statement before Parliament setting out— (a) the total amount of financial assistance proposed to be provided; (b) the form in which the financial assistance is to be provided, including whether it is to be provided by way of grant, loan, guarantee, indemnity, acquisition, contract or expenditure; (c) the purpose for which the financial assistance is to be provided; (d) the expected timetable for the provision of the financial assistance; (e) the expected impact of the financial assistance on public expenditure; (f) whether the financial assistance is intended to meet— (i) expenditure connected with establishing or running a government-owned company, (ii) compensation payments, (iii) operating costs, including recruitment, board costs and administrative overheads, (iv) working capital requirements, (v) capital investment to improve efficiency, productivity or decarbonisation, or (vi) any other purpose; (g) the conditions, if any, attached to the financial assistance; (h) the steps the Secretary of State has taken to ensure that the financial assistance represents value for money for taxpayers.”

33

Clause 58, page 39, line 7, at end insert— “(1A) The Secretary of State may only provide financial assistance under this section if they are satisfied that financial assistance will secure value for money.”

34

After Clause 58, insert the following new Clause— “Parliamentary scrutiny of financial assistance (1) Before providing any assistance under section 58, the Secretary of State must lay a proposal for providing the financial assistance (“the proposal”) before Parliament. (2) If, within the period of 90 days after the proposal has been laid, a select committee of the House of Commons makes any recommendations with regard to the proposal, the Secretary of State must lay before Parliament a statement setting out the Secretary of State’s response to the recommendations before providing any financial assistance. (3) The proposal must include— (a) details of the nature and amount of the financial assistance, (b) the intended beneficiary or beneficiaries of the financial assistance, (c) the expected purpose and effect of the financial assistance, (d) any conditions, repayment arrangements, guarantees, indemnities or other liabilities attaching to the financial assistance, and (e) any other information the Secretary of State believes it is necessary for the Committee to have in order to complete its consideration of the proposal, subject to the restrictions in subsection (4). (4) The proposal may not include information which, if it were made public, may damage— (a) national security, (b) fiduciary duties, or (c) commercially sensitive interests.”

35

Clause 59, page 39, line 32, leave out “12” and insert “three”

36

Clause 59, page 39, line 34, leave out “12” and insert “three”

37

Clause 59, page 40, line 3, at end insert— “(5) A report must outline the impact of the financial assistance provided under section 58 on the short- and long-term investability of the steel undertaking.”

38

After Clause 60, insert the following new Clause— “Report on the impact any nationalisation of steel undertakings has had on inward investment to the United Kingdom Within six months of the day on which this Act is passed and every subsequent six months, the Secretary of State must lay a report before Parliament which sets out the impact that nationalisation of any steel undertaking under this Act has had on inward investment to the United Kingdom.”

39

After Clause 60, insert the following new Clause— “State aids The Secretary of State must not exercise the powers in this Act so as to grant any advantage through state resources on a selective basis to any organisations that could potentially distort competition and trade, including any advantage that might be granted to steel undertakings subject to a transfer power over comparable privately-owned steel undertakings in the United Kingdom.”

40

After Clause 60, insert the following new Clause— “Impact assessment Within two years beginning with the day on which this Act is passed, the Secretary of State must publish and lay before Parliament an impact assessment of the operation and effect of this Act, including the exercise of any powers under it.”

41

After Clause 60, insert the following new Clause— “Exemption of iron and steel carbon border adjustment mechanism goods (1) Section 143 of the Finance Act 2026 (charge to carbon border adjustment mechanism) does not apply to emissions embodied in a CBAM good which is an iron and steel good for the purposes of Schedule 16 to that Act where the good is imported by a transferred steel undertaking for use in connection with the carrying on of its business. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

42

After Clause 60, insert the following new Clause— “Impact assessment: carbon border adjustment mechanism and emissions trading scheme (1) Within two years beginning with the day on which this Act is passed, the Secretary of State must publish and lay before Parliament an impact assessment of the effect of the carbon border adjustment mechanism and the United Kingdom Emissions Trading Scheme on transferred steel undertakings in the United Kingdom, including their effect on costs, production, export capability and international competitiveness. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

43

After Clause 60, insert the following new Clause— “United Kingdom Emissions Trading Scheme: transferred steel undertakings (1) The Greenhouse Gas Emissions Trading Scheme Order 2020 (S.I. 2020/1265) does not apply in relation to an installation forming part of a transferred steel undertaking. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

44

After Clause 60, insert the following new Clause— “Industrial action affecting a transferred steel undertaking (1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State may prohibit or restrict industrial action affecting that undertaking if the Secretary of State considers that the industrial action creates, or is likely to create, a sufficient risk to the public interest in respect of which the principal transfer power was exercised. (2) An act done in contravention of a prohibition or restriction under subsection (1) is not protected by section 219 of the Trade Union and Labour Relations (Consolidation) Act 1992 (protection from certain tort liabilities). (3) Industrial action in contravention of a prohibition or restriction under subsection (1) is not protected industrial action for the purposes of section 238A (participation in official industrial action) of that Act.”

45

After Clause 60, insert the following new Clause— “Impact assessments: Northern Ireland Before exercising any power under this Act, the Secretary of State must publish an impact assessment on the likely effects of the proposed exercise of that power on Northern Ireland.”

Clause 2, page 1, line 20, at end insert— “(2A) In considering whether to act in the public interest, the Secretary of State must have regard to the impact of exercising a principal transfer power on the public finances.”

Leave out Clause 50

After Clause 50, insert the following new Clause— “Report on principal transfer powers (1) The Secretary of State must, before the end of each period of three months beginning with the day on which the principal transfer powers under this Act are exercised in respect of a steel undertaking, make a written statement to each House of Parliament setting out— (a) the progress, and the operational and financial performance, of the steel undertaking in respect of which a transfer power has been exercised, and (b) the impact of this Act, including (so far as it is possible to assess) its effects on the steel industry in the United Kingdom, on employment and on the public finances. (2) The duty in subsection (1) continues until no steel undertaking remains in public ownership as a result of the exercise of a transfer power.”

Clause 54, page 35, line 41, at end insert— “(5A) The regulations must provide that— (a) the independent valuer prepares and submits to the Secretary of State a written estimate of the pensions liabilities of that undertaking; (b) the Secretary of State publishes and lays before Parliament any written estimate provided under this subsection.”

After Clause 60, insert the following new Clause— “Impact assessment: carbon border adjustment mechanism and emissions trading scheme (1) Within two years beginning with the day on which this Act is passed, the Secretary of State must publish and lay before Parliament an impact assessment of the effect of the carbon border adjustment mechanism and the United Kingdom Emissions Trading Scheme on transferred steel undertakings in the United Kingdom, including their effect on costs, production, export capability and international competitiveness. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

2

Clause 2, page 1, line 14, leave out “includes (but is not limited to)” and insert “means”

This amendment would limit the public interest test to the areas set out in paragraphs (a) to (c).

3

Clause 2, page 1, line 20, at end insert—
“(2A) The Secretary of State may not exercise a principal transfer power unless the Secretary of State has commissioned an independent assessment of whether the exercise of the power is in the public interest, and that assessment has demonstrated that it is in the public interest.
(2B) The Secretary of State may appoint such independent person as the Secretary of State thinks fit to carry out an independent assessment under subsection (2A), and may pay remuneration and allowances to that person.”

This amendment would require an independent assessment of whether the public interest test had been met before the Secretary of State could exercise the principal transfer powers.

4

Clause 2, page 1, line 20, at end insert—
“(2A) The exercise of a principal transfer power may only be considered to be in the public interest under subsection (1) if the Secretary of State is satisfied that the exercise of the power would provide value for money for the taxpayer.”

This amendment would only allow the Secretary of State to provide financial assistance if the NAO had concluded that it would secure value for money for taxpayers.

5

Clause 2, page 1, line 20, at end insert—
“(2A) The Secretary of State may not exercise a principal transfer power under subsection (1) unless they have published and laid before Parliament a statement containing full details of the criteria used to assess whether the exercise of power would be in the public interest.”

This amendment would require the Secretary of State to publish full details of the criteria used to assess the public interest test before exercising the principal transfer power.

6

Clause 3, page 2, line 11, leave out from “regulations” to end of line 12 and insert “extend that period for a further period not exceeding two years beginning with the end of that period.”

This amendment would retain the ability for the Secretary of State to extend the principal transfer powers, but only in increments of up to two years at a time and only with the approval of both Houses under the affirmative procedure.

8

Clause 4, page 2, line 30, leave out “negative” and insert “affirmative”

This amendment would require regulations transferring securities of a steel undertaking to be subject to the affirmative procedure.

10

Clause 15, page 8, line 21, leave out “negative” and insert “affirmative”

This amendment would require regulations transferring property, rights or liabilities of a steel undertaking to be subject to the affirmative procedure.

11

After Clause 30, insert the following new Clause—
“Contingent liabilities
(1) The Secretary of State may not exercise a principal transfer power in relation to a steel undertaking unless the Secretary of State has laid before Parliament a statement on the value of contingent liabilities associated with the exercise of that power.
(2) The statement under subsection (1) must include—
(a) the estimated value of any contingent liabilities to be acquired, including environmental, pension and operational liabilities, and
(b) the steps the Secretary of State will take to minimise taxpayer exposure to those contingent liabilities.”

This new clause would require the Secretary of State to lay a statement before Parliament on the estimated value of contingent liabilities, including environmental, pension and operational liabilities, before exercising a principal transfer power, and to set out how taxpayer exposure will be minimised.

Clause 39, page 25, line 32, leave out “negative” and insert “affirmative”

This amendment would require regulations relating to continuity obligations to be subject to the affirmative procedure.

13

Clause 45, page 28, line 37, leave out “negative” and insert “affirmative”

This amendment would require regulations related to enforcement to be subject to the affirmative procedure.

17

Clause 53, page 34, line 26, leave out from “regulations” to “by” in line 27 and insert “must provide for any valuation for the purposes of the regulations to be carried out”

This amendment would require (rather than enable) compensation scheme regulations to make provision for the role of an independent valuer and would focus more explicitly on their role in carrying out valuations for the purposes of the regulations.

18

Clause 54, page 35, line 10, leave out “determining an amount of compensation” and insert “the carrying out of a valuation”

This amendment is consequential on my amendment to clause 53(1).

19

Clause 54, page 35, line 11, leave out from “the” to end of line 13 and insert “carrying out of a valuation by an independent valuer.”

This amendment is consequential on my amendment to clause 53(1).

22

Clause 54, page 35, line 27, leave out “making a determination” and insert “carrying out a valuation”

This amendment is consequential on my amendment to clause 53(1).

25

Clause 54, page 36, line 1, leave out “determining the amount of compensation (if any) payable” and insert “carrying out a valuation”

This amendment is consequential on my amendment to clause 53(1).

26

Clause 54, page 36, line 3, leave out from the second “to” to “in” in line 4 and insert “do so”

This amendment is consequential on my amendment to clause 53(1).

27

Clause 54, page 36, line 10, leave out “determining the amount of compensation (if any) payable” and insert “carrying out a valuation”

This amendment is consequential on my amendment to clause 53(1).

28

Clause 54, page 36, line 12, leave out from the second “to” to “in” in line 13 and insert “do so”

This amendment is consequential on my amendment to clause 53(1).

29

Clause 54, page 36, line 19, leave out “make a determination” and insert “carry out a valuation”

This amendment is consequential on my amendment to clause 53(1).

30

Clause 54, page 36, line 23, leave out from “in” to “in” in line 25 and insert “carrying out a valuation in relation to a relevant steel undertaking, to do so”

This amendment is consequential on my amendment to clause 53(1).

32

Clause 58, page 39, line 7, at end insert—
“(1A) Before providing financial assistance under this section, the Secretary of State must lay a statement before Parliament setting out—
(a) the total amount of financial assistance proposed to be provided;
(b) the form in which the financial assistance is to be provided, including whether it is to be provided by way of grant, loan, guarantee, indemnity, acquisition, contract or expenditure;
(c) the purpose for which the financial assistance is to be provided;
(d) the expected timetable for the provision of the financial assistance;
(e) the expected impact of the financial assistance on public expenditure;
(f) whether the financial assistance is intended to meet—
(i) expenditure connected with establishing or running a government-owned company,
(ii) compensation payments,
(iii) operating costs, including recruitment, board costs and administrative overheads,
(iv) working capital requirements,
(v) capital investment to improve efficiency, productivity or decarbonisation, or
(vi) any other purpose;
(g) the conditions, if any, attached to the financial assistance;
(h) the steps the Secretary of State has taken to ensure that the financial assistance represents value for money for taxpayers.”

This amendment would require the Secretary of State to make a statement to Parliament before providing financial assistance, setting out the amount, form, purpose, timing, conditions and expected public expenditure impact of the assistance.

35

Clause 59, page 39, line 32, leave out “12” and insert “three”

This amendment and another in the name of Lord Sharpe of Epsom would increase the frequency with which the Secretary of State must make reports about financial assistance to every three months.

36

Clause 59, page 39, line 34, leave out “12” and insert “three”

This amendment and another in the name of Lord Sharpe of Epsom would increase the frequency with which the Secretary of State must make reports about financial assistance to every three months.

38

After Clause 60, insert the following new Clause—
“Report on the impact any nationalisation of steel undertakings has had on inward investment to the United Kingdom
Within six months of the day on which this Act is passed and every subsequent six months, the Secretary of State must lay a report before Parliament which sets out the impact that nationalisation of any steel undertaking under this Act has had on inward investment to the United Kingdom.”

This new clause would place a duty on the Secretary of State to report to Parliament on the impact any nationalisation of steel undertakings has had on inward investment to the United Kingdom.

39

After Clause 60, insert the following new Clause—
“State aids
The Secretary of State must not exercise the powers in this Act so as to grant any advantage through state resources on a selective basis to any organisations that could potentially distort competition and trade, including any advantage that might be granted to steel undertakings subject to a transfer power over comparable privately-owned steel undertakings in the United Kingdom.”

This new clause would require the Secretary of State to maintain a level playing-field between nationally owned and privately owned steel businesses.

40

After Clause 60, insert the following new Clause—
“Impact assessment
Within two years beginning with the day on which this Act is passed, the Secretary of State must publish and lay before Parliament an impact assessment of the operation and effect of this Act, including the exercise of any powers under it.”

This new clause would require the Secretary of State to publish and lay before Parliament an impact assessment of the operation and effect of the Act, including the use of its powers, within two years of Royal Assent.

36A

Clause 58, page 39, line 7, at end insert— “(1A) Financial assistance under subsection (1) must be provided through regulations, specifying— (a) the financial assistance proposed to be provided, and (b) the estimated cost to public funds of that assistance. (1B) Regulations under subsection (1A) are subject to the affirmative procedure.”

41A

Clause 59, page 40, line 3, at end insert— “(5) The Secretary of State must, before the end of each period of three months beginning with the day on which the principal transfer powers under Part 1 are exercised, make a written statement to each House of Parliament setting out— (a) the progress, and the operational and financial performance, of any steel undertaking in respect of which a transfer power has been exercised, and (b) the impact of this Act, including (so far as it is possible to assess) its effects on the steel industry in the United Kingdom, on employment and on the public finances. (6) The duty in subsection (5) continues until no steel undertaking remains in public ownership as a result of the exercise of a transfer power. (7) Subsection (4) does not apply to a statement under subsection (5).”

10

Clause 2, page 1, line 20, at end insert—
“(2A) In considering whether to act in the public interest, the Secretary of State must have regard to the impact of exercising a principal transfer powers on the public finances.”

This amendment would require the public interest test to consider the impact of nationalisation on the public finances.

28

Clause 54, page 35, line 35, at end insert—
“(4A) The regulations must provide that—
(a) the independent valuer prepares and submits to the Secretary of State a written estimate of the pensions liabilities of that undertaking;
(b) the Secretary of State publishes and lays before Parliament any written estimate provided under this subsection.”

This amendment, and another in the name of Lord Fox, requires that payment of compensation cannot be made until the Secretary of State has published a written estimate of the pensions liabilities of the steel undertaking, provided to them by the independent valuer.

11

Clause 2, page 1, line 20, at end insert— “(2A) In considering whether to act in the public interest, the Secretary of State must have regard to the short and long-term investability of the steel undertaking.”

17

Clause 44, page 28, line 16, at end insert— “(3A) Regulations under this section may not make provision which has the effect of— (a) reducing the value of any accrued pension rights or benefits, or (b) making the terms on which pension rights or benefits accrue less favourable.”

31

Clause 54, page 35, line 41, at end insert—
“(c) the anticipated effects on the value of a steel undertaking of electricity prices paid by steel producers in the United Kingdom, including—
(i) the disparity between electricity prices paid by steel producers in the United Kingdom and in comparator countries, and
(ii) the effect of any scheme or measure intended to reduce electricity costs for energy-intensive industries.”

This amendment would require consideration of the anticipated effects of electricity prices, including price disparities with comparator countries and electricity cost support for energy-intensive industries, when conducting a valuation of a steel undertaking.

48

After Clause 60, insert the following new Clause—
“United Kingdom Emissions Trading Scheme: transferred steel undertakings
(1) The Greenhouse Gas Emissions Trading Scheme Order 2020 (S.I. 2020/1265) does not apply in relation to an installation forming part of a transferred steel undertaking.
(2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply the United Kingdom Emissions Trading Scheme in relation to installations forming part of a steel undertaking brought into public ownership under this Act.

49

After Clause 60, insert the following new Clause—
“Strategic reports: transferred steel undertakings
(1) Chapter 4A (strategic report) of the Companies Act 2006 does not apply in relation to a company carrying on a transferred steel undertaking.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply strategic report requirements for companies carrying on transferred steel undertakings.

50

After Clause 60, insert the following new Clause—
“Greenhouse gas emissions reporting: transferred steel undertakings
(1) Part 7 of Schedule 7 (disclosures concerning greenhouse gas emissions, energy consumption and energy efficiency action by quoted companies) to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) does not apply in relation to a company carrying on a transferred steel undertaking.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply greenhouse gas emissions and related environmental reporting requirements for companies carrying on transferred steel undertakings.

51

After Clause 60, insert the following new Clause—
“Energy Savings Opportunity Scheme: transferred steel undertakings
(1) The Energy Savings Opportunity Scheme Regulations 2014 (S.I. 2014/1643) do not apply to a business in respect of a transferred steel undertaking carried on by that business.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would exempt persons carrying on transferred steel undertakings from the Energy Savings Opportunity Scheme.

52

After Clause 60, insert the following new Clause—
“Energy and carbon reporting: transferred steel undertakings
(1) Regulation 12B (energy and carbon report) of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911) does not apply in relation to a limited liability partnership carrying on a transferred steel undertaking.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply energy and carbon reporting requirements for limited liability partnerships carrying on transferred steel undertakings.

53

After Clause 60, insert the following new Clause—
“Executive pay ratio reporting: transferred steel undertakings
(1) Paragraphs 19A to 19G of Schedule 8 (pay ratio information) to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) do not apply in relation to a company carrying on a transferred steel undertaking.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply executive pay ratio reporting requirements for companies carrying on transferred steel undertakings.

54

After Clause 60, insert the following new Clause—
“Forest risk commodities: transferred steel undertakings
(1) Schedule 17 to the Environment Act 2021 (use of forest risk commodities in commercial activity), and regulations made under that Schedule, do not apply to a person in respect of a transferred steel undertaking carried on by that person.
(2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply forest risk commodity due diligence and reporting requirements for persons carrying on transferred steel undertakings.

55

After Clause 60, insert the following new Clause—
“Climate-related financial disclosures: transferred steel undertakings
(1) The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 (S.I. 2022/31) do not apply in relation to a company carrying on a transferred steel undertaking.
(2) The Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 (S.I. 2022/46) do not apply in relation to a limited liability partnership carrying on a transferred steel undertaking.
(3) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This new Clause would disapply climate-related financial disclosure requirements for companies and limited liability partnerships carrying on transferred steel undertakings.

9

Clause 2, page 1, line 13, at end insert—
“(1A) In assessing the “public interest” in regard to the exercise of transfer powers relating to a steel undertaking located in Wales, the Secretary of State must consult the First Minister of Wales before exercising such principal transfer powers.”

This amendment is to ensure that the UK Minister and the First Minister of Wales work together in taking forward transfer powers which involve a steel undertaking in Wales.

4

Clause 2, page 1, line 20, at end insert—
“(d) supporting the local economy of any steel-making location which may be adversely affected by this Act.”

This amendment seeks to ensure that consideration is given to the impact on the local economy arising from decisions made under this legislation.

16

Clause 44, page 28, line 16, at end insert—
“(3A) On the day on which this Act is passed, the Secretary of State must lay before Parliament a consultation document on the proposed exercise of the powers under this section.
(3B) The consultation document must invite representations from—
(a) every steel undertaking affected by the provisions of this Act,
(b) trustees or managers of any pension scheme in respect of which such an undertaking, or a group company of such an undertaking, is or was an employer,
(c) persons appearing to the Secretary of State to represent members and other beneficiaries of such schemes,
(d) trade unions representing employees of such undertakings,
(e) the Pensions Regulator, and
(f) the Pension Protection Fund.
(3C) Before making regulations containing provision by virtue of this section, the Secretary of State must have regard to the interests of members and other beneficiaries of affected pension schemes, including the protection of accrued rights and the security of benefits.”

This amendment requires the Secretary of State to lay a consultation document before Parliament on the day the Act is passed, consult affected steel undertakings and pension stakeholders, and have regard to scheme members’ and beneficiaries’ interests before exercising the pension powers.

19

Clause 50, page 32, line 13, at end insert—
“(2A) Regulations under this section, to the extent that they involve powers devolved to Senedd Cymru, may only be made with the prior agreement of Senedd Cymru.”

This amendment is to ensure that powers exercised under this legislation do not undermine powers devolved to Senedd Cymru.

36

Clause 58, page 39, line 7 at end insert—
“(1A) Financial assistance under this section may include payments made to local authorities or to other local representative bodies, to compensate for any adverse effects on the local community arising from, or in connection with, the exercise of a power conferred by Part 1 of this Act in relation to a steel undertaking.”

This amendment seeks to provide a legislative vehicle by which local communities which are adversely affected by decisions taken under Part 1 of this Act, may be compensated where that is deemed appropriate, via payments made to the relevant local authority or other local representative body.

Clause 2, page 1, line 20, at end insert— “(2A) In considering whether to act in the public interest, the Secretary of State must have regard to the impact of exercising a principal transfer powers on the public finances.”

Clause 54, page 35, line 35, at end insert— “(4A) The regulations must provide that— (a) the independent valuer prepares and submits to the Secretary of State a written estimate of the pensions liabilities of that undertaking; (b) the Secretary of State publishes and lays before Parliament any written estimate provided under this subsection.”

30

Clause 54, page 35, line 41, at end insert—
“(c) the anticipated effects on the value of a steel undertaking of the United Kingdom’s steel trade measure taking effect from 1 July 2026, including—
(i) reductions in tariff-free steel import quota volumes,
(ii) tariffs imposed on above-quota steel imports, and
(iii) any consequential effects on the undertaking’s commercial relationships with downstream steel-consuming industries.”

This amendment would require consideration of the anticipated effects of the United Kingdom’s steel import quota and tariff measure taking effect from 1 July 2026 when conducting a valuation of a steel undertaking.

46

After Clause 60, insert the following new Clause—
“Industrial action affecting a transferred steel undertaking
(1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State may prohibit or restrict industrial action affecting that undertaking if the Secretary of State considers that the industrial action creates, or is likely to create, a sufficient risk to the public interest in respect of which the principal transfer power was exercised.
(2) An act done in contravention of a prohibition or restriction under subsection (1) is not protected by section 219 of the Trade Union and Labour Relations (Consolidation) Act 1992 (protection from certain tort liabilities).
(3) Industrial action in contravention of a prohibition or restriction under subsection (1) is not protected industrial action for the purposes of section 238A (participation in official industrial action) of that Act.”

This amendment would enable the Secretary of State, following the exercise of a principal transfer power, to prohibit or restrict industrial action only where it creates a sufficient risk to the public interest grounds on which the steel undertaking was brought into public ownership.

47

After Clause 60, insert the following new Clause—
“Exemption of iron and steel carbon border adjustment mechanism goods
(1) Section 143 of the Finance Act 2026 (charge to carbon border adjustment mechanism) does not apply to emissions embodied in a CBAM good which is an iron and steel good for the purposes of Schedule 16 to that Act where the good is imported by a transferred steel undertaking for use in connection with the carrying on of its business.
(2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

This amendment would exempt iron and steel CBAM goods imported for use by a steel undertaking brought into public ownership under this Act from the carbon border adjustment mechanism.

Clause 54, page 35, line 41, at end insert— “(c) the anticipated effects on the value of a steel undertaking of electricity prices paid by steel producers in the United Kingdom, including— (i) the disparity between electricity prices paid by steel producers in the United Kingdom and in comparator countries, and (ii) the effect of any scheme or measure intended to reduce electricity costs for energy-intensive industries.”

After Clause 60, insert the following new Clause— “United Kingdom Emissions Trading Scheme: transferred steel undertakings (1) The Greenhouse Gas Emissions Trading Scheme Order 2020 (S.I. 2020/1265) does not apply in relation to an installation forming part of a transferred steel undertaking. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Strategic reports: transferred steel undertakings (1) Chapter 4A (strategic report) of the Companies Act 2006 does not apply in relation to a company carrying on a transferred steel undertaking. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Greenhouse gas emissions reporting: transferred steel undertakings (1) Part 7 of Schedule 7 (disclosures concerning greenhouse gas emissions, energy consumption and energy efficiency action by quoted companies) to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) does not apply in relation to a company carrying on a transferred steel undertaking. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Energy Savings Opportunity Scheme: transferred steel undertakings (1) The Energy Savings Opportunity Scheme Regulations 2014 (S.I. 2014/1643) do not apply to a business in respect of a transferred steel undertaking carried on by that business. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Energy and carbon reporting: transferred steel undertakings (1) Regulation 12B (energy and carbon report) of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911) does not apply in relation to a limited liability partnership carrying on a transferred steel undertaking. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Executive pay ratio reporting: transferred steel undertakings (1) Paragraphs 19A to 19G of Schedule 8 (pay ratio information) to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410) do not apply in relation to a company carrying on a transferred steel undertaking. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Forest risk commodities: transferred steel undertakings (1) Schedule 17 to the Environment Act 2021 (use of forest risk commodities in commercial activity), and regulations made under that Schedule, do not apply to a person in respect of a transferred steel undertaking carried on by that person. (2) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

After Clause 60, insert the following new Clause— “Climate-related financial disclosures: transferred steel undertakings (1) The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 (S.I. 2022/31) do not apply in relation to a company carrying on a transferred steel undertaking. (2) The Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 (S.I. 2022/46) do not apply in relation to a limited liability partnership carrying on a transferred steel undertaking. (3) In this section, “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

8

Clause 2, page 1, line 20, at end insert—
“(2A) The exercise of a principal transfer power may only be considered to be in the public interest under subsection (1) if the Secretary of State is satisfied that the exercise of the power would provide value for money for the taxpayer.”

This amendment would provide that the exercise of a principal transfer power may be considered to be in the public interest only where the Secretary of State is satisfied that doing so would provide value for money for the taxpayer.

34

Clause 58, page 39, line 7, at end insert—
“(1A) Before providing financial assistance under this section, the Secretary of State must lay a statement before Parliament setting out—
(a) the total amount of financial assistance proposed to be provided;
(b) the form in which the financial assistance is to be provided, including whether it is to be provided by way of grant, loan, guarantee, indemnity, acquisition, contract or expenditure;
(c) the purpose for which the financial assistance is to be provided;
(d) the expected timetable for the provision of the financial assistance;
(e) the expected impact of the financial assistance on public expenditure;
(f) whether the financial assistance is intended to meet—
(i) expenditure connected with establishing or running a government-owned company,
(ii) compensation payments,
(iii) operating costs, including recruitment, board costs and administrative overheads,
(iv) working capital requirements,
(v) capital investment to improve efficiency, productivity or decarbonisation, or
(vi) any other purpose;
(g) the conditions, if any, attached to the financial assistance;
(h) the steps the Secretary of State has taken to ensure that the financial assistance represents value for money for taxpayers.”

This amendment would require the Secretary of State to lay a statement before Parliament before providing financial assistance, setting out the amount, form, purpose, timing, conditions and expected public expenditure impact of the assistance.

35

Clause 58, page 39, line 7, at end insert—
“(1A) The Secretary of State may only provide financial assistance under this section if the Secretary of State is satisfied that financial assistance will secure value for money.”

This amendment would provide that the Secretary of State may provide financial assistance under this section only where they are satisfied that doing so would secure value for money.

37

Clause 58, page 39, line 22, at end insert—
“(3A) In providing financial assistance under this section, the Secretary of State must have regard to the impact of current or expected agreements with the European Union which may materially impact the value of any steel undertaking.”

40

Clause 59, page 39, line 32, leave out “12 months” and insert “one month”

This amendment and another in the name of Lord Sharpe of Epsom require the Secretary of State to prepare reports about financial assistance in this Bill every month.

41

Clause 59, page 39, line 34, leave out “12 months” and insert “one month”

This amendment and another in the name of Lord Sharpe of Epsom require the Secretary of State to prepare reports about financial assistance in this Bill every month.

Clause 54, page 35, line 41, at end insert— “(c) the anticipated effects on the value of a steel undertaking of the United Kingdom’s steel trade measure taking effect from 1 July 2026, including— (i) reductions in tariff-free steel import quota volumes, (ii) tariffs imposed on above-quota steel imports, and (iii) any consequential effects on the undertaking’s commercial relationships with downstream steel-consuming industries.”

After Clause 60, insert the following new Clause— “Industrial action affecting a transferred steel undertaking (1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State may prohibit or restrict industrial action affecting that undertaking if the Secretary of State considers that the industrial action creates, or is likely to create, a sufficient risk to the public interest in respect of which the principal transfer power was exercised. (2) An act done in contravention of a prohibition or restriction under subsection (1) is not protected by section 219 of the Trade Union and Labour Relations (Consolidation) Act 1992 (protection from certain tort liabilities). (3) Industrial action in contravention of a prohibition or restriction under subsection (1) is not protected industrial action for the purposes of section 238A (participation in official industrial action) of that Act.”

After Clause 60, insert the following new Clause— “Exemption of iron and steel carbon border adjustment mechanism goods (1) Section 143 of the Finance Act 2026 (charge to carbon border adjustment mechanism) does not apply to emissions embodied in a CBAM good which is an iron and steel good for the purposes of Schedule 16 to that Act where the good is imported by a transferred steel undertaking for use in connection with the carrying on of its business. (2) In subsection (1), “transferred steel undertaking” means a steel undertaking in respect of which the Secretary of State has exercised a principal transfer power.”

1

Clause 1, page 1, line 6, leave out “of or including” and insert “predominantly of”

This amendment seeks to narrow the definition of a steel undertaking so that it had to be a business consisting predominantly of the manufacture or processing of steel, or iron for the purposes or in connection with the manufacture of steel.

2

Clause 2, page 1, line 14, leave out “includes (but is not limited to)” and insert “means”

This amendment seeks to limit the public interest test to the areas set out in subsections (a) to (c).

3

Clause 2, page 1, line 19, leave out “supporting the economy” and insert “contributing to the economic growth and international competitiveness”

This amendment would clarify that the public interest test should include consideration of whether the exercise of a principal transfer power would contribute to economic growth and the international competitiveness of the United Kingdom.

5

Clause 2, page 1, line 20, at end insert—
“(2A) The Secretary of State may not exercise a principal transfer power unless the Secretary of State has commissioned an independent assessment of whether the exercise of the power is in the public interest, and that assessment has demonstrated that it is in the public interest.
(2B) The Secretary of State may appoint such independent person as the Secretary of State thinks fit to carry out an independent assessment under subsection (2A), and may pay remuneration and allowances to that person.”

This amendment would require an independent assessment of whether the public interest test had been met before the Secretary of State could exercise the principal transfer powers.

6

Clause 2, page 1, line 20, at end insert—
“(2A) The Secretary of State may not exercise a principal transfer power under subsection (1) unless they have laid a report before Parliament containing full details of the criteria used to assess whether the exercise of that power would be in the public interest.”

This amendment would require the Secretary of State to publish full details of the criteria used to assess the public interest test before exercising the principal transfer power.

7

Clause 2, page 1, line 20, at end insert—
“(2A) The Secretary of State may not exercise a principal transfer power unless they have laid a statement before both Houses of Parliament explaining their reasons for concluding that it is necessary to exercise the power in the public interest.”

This amendment would require the Secretary of State to lay a statement before Parliament explaining their reasons for concluding that it is necessary to exercise a principal transfer power in the national interest, before exercising that power.

12

Clause 3, page 2, line 10, leave out subsections (3) to (5)

This amendment seeks to prevent the Secretary of State extending the sunset of the principal transfer powers.

13

Clause 4, page 2, line 30, leave out “negative” and insert “affirmative”

This amendment seeks to require regulations transferring securities of a steel undertaking to be subject to the affirmative procedure.

14

Clause 15, page 8, line 21, leave out “negative” and insert “affirmative”

This amendment seeks to require regulations transferring property, rights or liabilities of a steel undertaking to be subject to the affirmative procedure.

15

Clause 39, page 25, line 32, leave out “negative” and insert “affirmative”

This amendment seeks to require regulations relating to continuity obligations to be subject to the affirmative procedure.

18

Clause 45, page 28, line 37, leave out “negative” and insert “affirmative”

This amendment seeks to require regulations related to enforcement to be subject to the affirmative procedure.

20

After Clause 50, insert the following new Clause—
“Contingent liabilities
(1) The Secretary of State may not exercise a principal transfer power in relation to a steel undertaking unless they have made a statement to Parliament on the value of contingent liabilities associated with the use of the power.
(2) The statement made under subsection (1) must include—
(a) the value of any contingent liabilities to be acquired, and
(b) the steps the Secretary of State will take to seek to minimise taxpayer exposure to any contingent liabilities so acquired.”

This new clause would require the Secretary of State to make a statement to Parliament on contingent liabilities acquired before they exercise a principal transfer power under this Act.

21

After Clause 50, insert the following new clause—
“Duty to try to find a private sector purchaser for any nationalised steel undertaking
Where a steel undertaking has been subject to a principal transfer power under this Act, the Secretary of State must—
(a) make all practicable efforts to find a private sector purchaser for the steel undertaking, and
(b) lay a report before Parliament every six months which sets out progress made towards finding a private sector purchaser for the steel undertaking.”

This new clause would put a duty on the Secretary of State to seek a private sector buyer for any steel company that has been nationalised, and report to Parliament on progress made every six months.

22

After Clause 50, insert the following new Clause—
“Stakeholder Advisory Committee
(1) The Secretary of State must establish a Stakeholder Advisory Committee to provide advice on the exercise of principal transfer powers under this Act (“the Committee”).
(2) The Secretary of State must ensure that the membership of the Committee includes representation from stakeholders, including but not limited to—
(a) industries that rely on the supply of steel, including the defence sector and critical national infrastructure,
(b) representatives of the workforce of the steel undertaking, and
(c) local authorities for the areas in which the steel undertaking operates.
(3) The Secretary of State must consult, and have regard to the advice of, the Committee before making a determination that the exercise of a principal transfer power is necessary in the public interest under section 2.”

This new clause requires the Secretary of State to establish a stakeholder advisory committee. The Secretary of State would be required to seek the committee’s advice before making a determination that the exercise of a principal transfer power under the Act was in the public interest.

23

After Clause 50, insert the following new Clause—
“Jobs and industrial transition strategy
(1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State must prepare and publish a jobs and industrial transition strategy.
(2) A strategy under subsection (1) must explicitly set out how the Government’s investment and transition plans for the specified steel undertaking will—
(a) protect skilled employment,
(b) provide and support reskilling and redeployment opportunities for the workforce, and
(c) deliver tangible economic renewal and support economic resilience in the local communities dependent on the steel undertaking.
(3) The strategy must be laid before Parliament within six months of the day on which the regulations exercising the principal transfer power take effect.”

This new clause requires that the Secretary of State publishes a report on jobs and industrial transition strategy where it exercises a principal transfer power.

The above-named Lords give notice of their intention to oppose the Question that Clause 50 stand part of the Bill.

This is to prevent the Secretary of State modifying primary legislation, including the making of modifications with retrospective effect, in connection with share or property transfers.

24

Clause 52, page 34, line 15, at end insert—
“(5A) Compensation scheme regulations must include provision which specifies that payment of compensation may not be made until any written estimate under section 54(4A) is laid before Parliament.”

This amendment and others in the name of Lord Fox require that payment of compensation cannot be made until the Secretary of State has published a written estimate of the environmental liabilities of the steel undertaking, provided to them by the independent valuer.

25

Clause 53, page 35, line 26, leave out “may” and insert “must”

This amendment and others in the name of Lord Fox require that payment of compensation cannot be made until the Secretary of State has published a written estimate of the environmental liabilities of the steel undertaking, provided to them by the independent valuer.

26

Clause 54, page 35, line 27, leave out “or permit”

This amendment and others in the name of Lord Fox require that payment of compensation cannot be made until the Secretary of State has published a written estimate of the environmental liabilities of the steel undertaking, provided to them by the independent valuer.

27

Clause 54, page 35, line 35, at end insert—
“(4A) The regulations must—
(a) provide that the independent valuer prepares and submits to the Secretary of State a written estimate of the environmental liabilities of that undertaking, including but not limited to—
(i) contamination of land, water or air attributable to the undertaking’s operations,
(ii) compliance with environmental obligations imposed by or under any enactment, and
(iii) remediation or restoration costs that are contingent or prospective;
(b) provide that the Secretary of State must publish and lay before Parliament any written estimate provided under this subsection.”

This amendment and others in the name of Lord Fox require that payment of compensation cannot be made until the Secretary of State has published a written estimate of the environmental liabilities of the steel undertaking, provided to them by the independent valuer.

29

Clause 54, page 35, line 41, at end insert—
“(c) the anticipated effects of—
(i) external tariffs on UK industry, and
(ii) the Carbon Border Adjustment Mechanism, as set out by Part 5 of the Finance Act 2026 on the value of a steel undertaking.”

This amendment would require consideration of external tariffs and the implementation of the Carbon Border Adjustment Mechanism, when conducting a valuation of the steel undertaking.

32

Clause 58, page 39, line 5, after “assistance” insert “of a total value of no more than £2.5 billion in the period ending on 15 August 2029”

This amendment seeks to limit the financial assistance that can be provided under the Act.

33

Clause 58, page 39, line 7, at end insert—
“(1A) The Secretary of State may not in any five-year period provide financial assistance under this section of an amount that exceeds £1 million per employee of the steel undertaking.
(1B) The number of employees of a steel undertaking for the purpose of subsection (1A) is the number of persons employed on the date the financial assistance was first provided.
(1C) “employee” has the meaning given by section 230 of the Employment Rights Act 1996 (employees, workers etc.).”

This amendment seeks to cap the amount of financial assistance that could be provided to a steel undertaking to £1 million per worker over five years.

38

After Clause 58, insert the following new Clause—
“Parliamentary scrutiny of financial assistance
(1) Before providing any assistance under section 58, the Secretary of State must lay a proposal for providing the financial assistance (“the proposal”) before Parliament.
(2) If, within the period of 90 days after the proposal has been laid, a select committee of the House of Commons makes any recommendations with regard to the proposal, the Secretary of State must lay before Parliament a statement setting out the Secretary of State’s response to the recommendations before providing any financial assistance.
(3) The proposal must include—
(a) details of the nature and amount of the financial assistance,
(b) the intended beneficiary or beneficiaries of the financial assistance,
(c) the expected purpose and effect of the financial assistance,
(d) any conditions, repayment arrangements, guarantees, indemnities or other liabilities attaching to the financial assistance, and
(e) any other information the Secretary of State believes it is necessary for the Committee to have in order to complete its consideration of the proposal, subject to the restrictions in subsection (3).
(4) The proposal may not include information which, if it were made public, may damage—
(a) national security,
(b) fiduciary duties, or
(c) commercially sensitive interests.”

This new clause prevents financial assistance being provided until 90 days after information about the package of financial assistance being made available to a Select Committee of the House of Commons for its consideration.

39

Clause 59, page 39, line 30, at end insert “, and
(b) compensation paid under any compensation scheme regulations made under section 52.”

This amendment requires the Government to report on the compensation paid under any compensation scheme regulations made under section 52.

42

After Clause 60, insert the following new Clause—
“Impact assessments
Before exercising any power under this Act, the Secretary of State must publish an impact assessment on the proposed exercise of that power.”

This new clause would require an impact assessment to be published before the Secretary of State exercised any of the powers under the Act.

43

After Clause 60, insert the following new Clause—
“Report on the impact of any nationalisation of steel undertakings on inward investment to the United Kingdom
Within six months of the day on which this Act is passed and every subsequent six months, the Secretary of State must lay a report before Parliament which sets out the impact that nationalisation of any steel undertaking under this Act has had on inward investment to the United Kingdom.”

This new clause would place a duty on the Secretary of State to report to Parliament on the impact any nationalisation of steel undertakings has had on inward investment to the United Kingdom.

44

After Clause 60, insert the following new Clause—
“State aids
The Secretary of State must not exercise the powers in this Act so as to grant any advantage through state resources on a selective basis to any organisations that could potentially distort competition and trade, including any advantage that might be granted to steel undertakings subject to a transfer power over comparable privately-owned steel undertakings in the United Kingdom.”

This new clause would require the Secretary of State to maintain a level playing-field between nationally owned and privately owned steel businesses.

45

After Clause 60, insert the following new Clause—
“Limit on expenditure on financial assistance and compensation
The total amount of compensation paid by the Secretary of State under Part 2 and financial assistance paid by the Secretary of State under section 58 is limited to—
(a) £500 million, or
(b) an amount so authorised by resolution of the House of Commons,
whichever is higher.”

This new clause prevents the Secretary of State from paying more than £500m in financial assistance and compensation under the Act, unless the House of Commons passes a resolution authorising them to do so.

Clause 2, page 1, line 20, at end insert— “(2A) The exercise of a principal transfer power may only be considered to be in the public interest under subsection (1) if the Secretary of State is satisfied that the exercise of the power would provide value for money for the taxpayer.”

Clause 58, page 39, line 7, at end insert— “(1A) Before providing financial assistance under this section, the Secretary of State must lay a statement before Parliament setting out— (a) the total amount of financial assistance proposed to be provided; (b) the form in which the financial assistance is to be provided, including whether it is to be provided by way of grant, loan, guarantee, indemnity, acquisition, contract or expenditure; (c) the purpose for which the financial assistance is to be provided; (d) the expected timetable for the provision of the financial assistance; (e) the expected impact of the financial assistance on public expenditure; (f) whether the financial assistance is intended to meet— (i) expenditure connected with establishing or running a government-owned company, (ii) compensation payments, (iii) operating costs, including recruitment, board costs and administrative overheads, (iv) working capital requirements, (v) capital investment to improve efficiency, productivity or decarbonisation, or (vi) any other purpose; (g) the conditions, if any, attached to the financial assistance; (h) the steps the Secretary of State has taken to ensure that the financial assistance represents value for money for taxpayers.”

Clause 58, page 39, line 7, at end insert— “(1A) The Secretary of State may only provide financial assistance under this section if the Secretary of State is satisfied that financial assistance will secure value for money.”

Clause 58, page 39, line 22, at end insert— “(3A) In providing financial assistance under this section, the Secretary of State must have regard to the impact of current or expected agreements with the European Union which may materially impact the value of any steel undertaking.”

Clause 59, page 39, line 32, leave out “12 months” and insert “one month”

Clause 59, page 39, line 34, leave out “12 months” and insert “one month”

Clause 1, page 1, line 6, leave out “of or including” and insert “predominantly of”

Clause 2, page 1, line 14, leave out “includes (but is not limited to)” and insert “means”

Clause 2, page 1, line 19, leave out “supporting the economy” and insert “contributing to the economic growth and international competitiveness”

Clause 2, page 1, line 20, at end insert— “(2A) The Secretary of State may not exercise a principal transfer power unless the Secretary of State has commissioned an independent assessment of whether the exercise of the power is in the public interest, and that assessment has demonstrated that it is in the public interest. (2B) The Secretary of State may appoint such independent person as the Secretary of State thinks fit to carry out an independent assessment under subsection (2A), and may pay remuneration and allowances to that person.”

Clause 2, page 1, line 20, at end insert— “(2A) The Secretary of State may not exercise a principal transfer power under subsection (1) unless they have laid a report before Parliament containing full details of the criteria used to assess whether the exercise of that power would be in the public interest.”

Clause 2, page 1, line 20, at end insert— “(2A) The Secretary of State may not exercise a principal transfer power unless they have laid a statement before both Houses of Parliament explaining their reasons for concluding that it is necessary to exercise the power in the public interest.”

Clause 3, page 2, line 10, leave out subsections (3) to (5)

Clause 4, page 2, line 30, leave out “negative” and insert “affirmative”

Clause 15, page 8, line 21, leave out “negative” and insert “affirmative”

Clause 39, page 25, line 32, leave out “negative” and insert “affirmative”

Clause 45, page 28, line 37, leave out “negative” and insert “affirmative”

The above-named Lords give notice of their intention to oppose the Question that Clause 50 stand part of the Bill.

After Clause 50, insert the following new Clause— “Contingent liabilities (1) The Secretary of State may not exercise a principal transfer power in relation to a steel undertaking unless they have made a statement to Parliament on the value of contingent liabilities associated with the use of the power. (2) The statement made under subsection (1) must include— (a) the value of any contingent liabilities to be acquired, and (b) the steps the Secretary of State will take to seek to minimise taxpayer exposure to any contingent liabilities so acquired.”

After Clause 50, insert the following new clause— “Duty to try to find a private sector purchaser for any nationalised steel undertaking Where a steel undertaking has been subject to a principal transfer power under this Act, the Secretary of State must— (a) make all practicable efforts to find a private sector purchaser for the steel undertaking, and (b) lay a report before Parliament every six months which sets out progress made towards finding a private sector purchaser for the steel undertaking.”

After Clause 50, insert the following new Clause— “Stakeholder Advisory Committee (1) The Secretary of State must establish a Stakeholder Advisory Committee to provide advice on the exercise of principal transfer powers under this Act (“the Committee”). (2) The Secretary of State must ensure that the membership of the Committee includes representation from stakeholders, including but not limited to— (a) industries that rely on the supply of steel, including the defence sector and critical national infrastructure, (b) representatives of the workforce of the steel undertaking, and (c) local authorities for the areas in which the steel undertaking operates. (3) The Secretary of State must consult, and have regard to the advice of, the Committee before making a determination that the exercise of a principal transfer power is necessary in the public interest under section 2.”

After Clause 50, insert the following new Clause— “Jobs and industrial transition strategy (1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State must prepare and publish a jobs and industrial transition strategy. (2) A strategy under subsection (1) must explicitly set out how the Government’s investment and transition plans for the specified steel undertaking will— (a) protect skilled employment, (b) provide and support reskilling and redeployment opportunities for the workforce, and (c) deliver tangible economic renewal and support economic resilience in the local communities dependent on the steel undertaking. (3) The strategy must be laid before Parliament within six months of the day on which the regulations exercising the principal transfer power take effect.”

Clause 52, page 34, line 15, at end insert— “(5A) Compensation scheme regulations must include provision which specifies that payment of compensation may not be made until any written estimate under section 54(4A) is laid before Parliament.”

Clause 53, page 35, line 26, leave out “may” and insert “must”

Clause 54, page 35, line 27, leave out “or permit”

Clause 54, page 35, line 35, at end insert— “(4A) The regulations must— (a) provide that the independent valuer prepares and submits to the Secretary of State a written estimate of the environmental liabilities of that undertaking, including but not limited to— (i) contamination of land, water or air attributable to the undertaking’s operations, (ii) compliance with environmental obligations imposed by or under any enactment, and (iii) remediation or restoration costs that are contingent or prospective; (b) provide that the Secretary of State must publish and lay before Parliament any written estimate provided under this subsection.”

Clause 54, page 35, line 41, at end insert— “(c) the anticipated effects of— (i) external tariffs on UK industry, and (ii) the Carbon Border Adjustment Mechanism, as set out by Part 5 of the Finance Act 2026 on the value of a steel undertaking.”

Clause 58, page 39, line 5, after “assistance” insert “of a total value of no more than £2.5 billion in the period ending on 15 August 2029”

Clause 58, page 39, line 7, at end insert— “(1A) The Secretary of State may not in any five-year period provide financial assistance under this section of an amount that exceeds £1 million per employee of the steel undertaking. (1B) The number of employees of a steel undertaking for the purpose of subsection (1A) is the number of persons employed on the date the financial assistance was first provided. (1C) “employee” has the meaning given by section 230 of the Employment Rights Act 1996 (employees, workers etc.).”

After Clause 58, insert the following new Clause— “Parliamentary scrutiny of financial assistance (1) Before providing any assistance under section 58, the Secretary of State must lay a proposal for providing the financial assistance (“the proposal”) before Parliament. (2) If, within the period of 90 days after the proposal has been laid, a select committee of the House of Commons makes any recommendations with regard to the proposal, the Secretary of State must lay before Parliament a statement setting out the Secretary of State’s response to the recommendations before providing any financial assistance. (3) The proposal must include— (a) details of the nature and amount of the financial assistance, (b) the intended beneficiary or beneficiaries of the financial assistance, (c) the expected purpose and effect of the financial assistance, (d) any conditions, repayment arrangements, guarantees, indemnities or other liabilities attaching to the financial assistance, and (e) any other information the Secretary of State believes it is necessary for the Committee to have in order to complete its consideration of the proposal, subject to the restrictions in subsection (3). (4) The proposal may not include information which, if it were made public, may damage— (a) national security, (b) fiduciary duties, or (c) commercially sensitive interests.”

Clause 59, page 39, line 30, at end insert “, and (b) compensation paid under any compensation scheme regulations made under section 52.”

After Clause 60, insert the following new Clause— “Impact assessments Before exercising any power under this Act, the Secretary of State must publish an impact assessment on the proposed exercise of that power.”

After Clause 60, insert the following new Clause— “Report on the impact of any nationalisation of steel undertakings on inward investment to the United Kingdom Within six months of the day on which this Act is passed and every subsequent six months, the Secretary of State must lay a report before Parliament which sets out the impact that nationalisation of any steel undertaking under this Act has had on inward investment to the United Kingdom.”

After Clause 60, insert the following new Clause— “State aids The Secretary of State must not exercise the powers in this Act so as to grant any advantage through state resources on a selective basis to any organisations that could potentially distort competition and trade, including any advantage that might be granted to steel undertakings subject to a transfer power over comparable privately-owned steel undertakings in the United Kingdom.”

After Clause 60, insert the following new Clause— “Limit on expenditure on financial assistance and compensation The total amount of compensation paid by the Secretary of State under Part 2 and financial assistance paid by the Secretary of State under section 58 is limited to— (a) £500 million, or (b) an amount so authorised by resolution of the House of Commons, whichever is higher.”

21

Clause 1, page 1, line 6, leave out "of or including" and insert “predominantly of”

14

Clause 2, page 1, line 14, leave out "includes (but is not limited to)" and insert "means"

23

Clause 2, page 1, line 20, at end insert- “(d) preventing the closure of, or the loss of jobs at, a steel undertaking in Wales."

15

Clause 2, page 2, line 20, at end insert- "(2A) The Secretary of State may not exercise a principal transfer power unless he has commissioned an independent assessment of whether the exercise of the power is in the public interest, and that assessment has demonstrated that it is in the public interest. (2B) The Secretary of State may appoint such independent person as he thinks fit to carry out an independent assessment under subsection (2A) above, and may pay remuneration and allowances to that person."

16

Clause 2, page 2, line 20, at end insert- "(2A) The exercise of a principal transfer power may only be considered to be in the public interest under subsection (1) if the Secretary of State has is satisfied that the exercise of the power would provide value for money for the taxpayer."

17

Clause 2, page 2, line 20, at end insert- "(2A) The Secretary of State may not exercise a principal transfer power under subsection (1) unless they have laid a report before Parliament containing full details of the criteria used to assess whether the exercise of power would be in the public interest.”

12

Clause 3, page 2, line 10, leave out subsections (3) to (5)

18

Clause 39, page 25, line 32, leave out "negative” and insert “affirmative”

19

Clause 45, page 28, line 37, leave out "negative” and insert “affirmative”

13

Page 32, line 1, leave out Clause 50

20

Clause 58, page 39, line 7, at end insert- "(1A) The Secretary of State may only provide financial assistance under this section if they are satisfied that financial assistance will secure value for money.”

22

Clause 58, page 39, line 8, at end insert- “(1A) The Secretary of State may not in any five-year period provide financial assistance under this section of an amount that exceeds £1 million per employee of the steel undertaking. (1B) The number of employees of a steel undertaking for the purpose of subsection (1A) is the number of persons employed on the date the financial assistance was first provided. (1C) "employee" has the meaning given by section 230 (Employees, workers etc.) of the Employment Rights Act 1996."

24

Clause 58, page 39, line 24, at end insert— "(4A) Financial assistance under this section may not include funding provided by the National Wealth Fund."

10

Clause 59, page 39, line 31, leave out “12” and insert “3”

11

Clause 59, Page 39, line 33, leave out “12” and insert "3"

NC12

To move the following Clause- "Financial assistance: limit Financial assistance of a total value of no more than £2.5 billion may be provided under section 58 of this Act before 15 August 2029.”

NC13

To move the following Clause- "Financial assistance: England and Wales Where financial assistance is provided to steel undertakings in England under section 58 of this Act, an equivalent to the total amount of financial assistance provided to steel undertakings in England must be made available to steel undertakings in Wales."

NC7

To move the following Clause- "Impact assessments Before exercising any power under this Act, the Secretary of State must publish an impact assessment on the proposed exercise of that power."

NC9

To move the following Clause- "Duty to try to find a private sector purchaser for any nationalised steel undertaking Where a steel undertaking has been subject to the principal transfer power under this Act, the Secretary of State must- (a) make all practicable efforts to find a private sector purchaser for the steel undertaking; and (b) lay a report before Parliament every six months which sets out progress made towards finding a private sector purchaser for the steel undertaking.”

NC10

To move the following Clause- "Report on the impact any nationalisation of steel undertakings has had on inward investment to the United Kingdom Within six months of the passing of this Act and every subsequent six months, the Secretary of State must lay a report before Parliament which sets out the impact that nationalisation of any steel undertaking under this Act has had on inward investment to the United Kingdom."

NC11

To move the following Clause- "State aids The Secretary of State must not exercise the powers in this Act so as to grant any advantage through state resources on a selective basis to any organisations that could potentially distort competition and trade, including any advantage that might be granted to steel undertakings subject to a transfer power over comparable privately-owned steel undertakings in the United Kingdom.”

NC5

To move the following Clause- "Duty to report: 10-year strategy for nationalised steel undertakings (1) Within three months of exercising a principal transfer power in relation to a steel undertaking under this Act, the Secretary of State must publish and lay before both Houses of Parliament a report containing a 10-year strategy for the steel undertaking. (2) Any report published under subsection (1) must include— (a) a strategy for the operation of any blast furnaces which form part of the steel undertaking, (b) an investment plan for the steel undertaking, (c) a vision for the future of the site of the steel undertaking, and (d) consideration of the need for a steel procurement strategy which prioritises British steel to support the steel undertaking, for the following 10 years.”

NC4

To move the following Clause- "Limit on expenditure on financial assistance and compensation (1) The total amount of compensation paid by the Secretary of State under Part 2 and financial assistance paid under section 58 is limited to— (a) £500m, or (b) an amount so authorised by resolution of the House of Commons, whichever is higher."

1

Clause 2, page 2, line 20, at end insert- "(2A) The Secretary of State may not exercise a principal transfer power unless they have laid a statement before both Houses of Parliament explaining their reasons for concluding that it is necessary to exercise the power in the public interest.”

2

Clause 4, page 2, line 30, leave out "negative" and insert "affirmative"

3

Clause 15, page 8, line 21, leave out "negative" and insert "affirmative"

NC2

To move the following Clause- "Stakeholder Advisory Committee (1) The Secretary of State must establish a Stakeholder Advisory Committee to provide advice on the exercise of principal transfer powers under this Act ("the Committee"). (2) The Secretary of State must ensure that the membership of the Committee includes representation from stakeholders, including but not limited to— (a) industries that rely on the supply of steel, including the defence sector and critical national infrastructure, (b) representatives of the workforce of the steel undertaking, and (c) local authorities for the areas in which the steel undertaking operates. (3) The Secretary of State must consult, and have regard to the advice of, the Committee before making a determination that the exercise of a principal transfer power is necessary in the public interest under section 2.”

NC3

To move the following Clause- "Jobs and industrial transition strategy (1) Where the Secretary of State has exercised a principal transfer power in respect of a steel undertaking, the Secretary of State must prepare and publish a jobs and industrial transition strategy. (2) A strategy under subsection (1) must explicitly set out how the Government's investment and transition plans for the specified steel undertaking will— (a) protect skilled employment, (b) provide and support reskilling and redeployment opportunities for the workforce, and (c) deliver tangible economic renewal and support economic resilience in the local communities dependent on the steel undertaking. (3) The strategy must be laid before Parliament within six months of the day on which the regulations exercising the principal transfer power take effect.”

4

Clause 59, page 39, line 28, insert at end "and, (b) compensation paid under any compensation scheme regulations made under section 52."

5

Clause 59, page 39, line 28, insert at end "and, (b) about the progress the Government has made in negotiating an improved agreement with the European Union for the export of steel produced in the United Kingdom.”

NC1

To move the following Clause- "Limit on expenditure on financial assistance and compensation (1) The total amount of compensation paid by the Secretary of State under Part 2 and financial assistance paid under section 58 is limited to— (a) £XXX; or, (b) an amount so authorised by resolution of the House of Commons, whichever is higher."