British Steel

Baroness Alexander of Cleveden Excerpts

Monday 20th July 2026 Lords Chamber

[Lord Leong (Lab)]

My Lords, the answer to that is no. This is not an ideological nationalisation. It is a targeted, exceptional intervention to protect a strategically important company and capability that the country cannot afford to lose. The Government would have preferred a commercial solution, but that was not available on terms representing value for the taxpayer. The objective now is to stabilise British Steel, restore commercial and environmental responsibility and sustainability, and explore future private sector investment where that supports the national interest.

[Baroness Alexander of Cleveden (Lab)]

My Lords, I welcome that last answer. It is, of course, just a few minutes ago that we were discussing a Private Notice Question on the events in the Strait of Hormuz and the need for British naval support to try to keep it open. Given that our naval ships, submarines and planes all rely on steel, does my noble friend the Minister agree that, in what is self-evidently an increasingly unstable and uncertain world, acting to ensure the continuation of steel-making here at home is a vital part of our national security?

[Lord Leong (Lab)]

My Lords, the Government recognise that some specialist grades of steel used in precision engineering, aerospace, defence and advanced manufacturing are not currently produced in the UK, or are not produced in the required quantity or to the required specification. The steel strategy aims to increase the proportion of UK demand met domestically, including for specialist needs, as my noble friend mentioned. British Steel’s new board will need to consider how the company supports a wider industrial strategy and the needs of downstream manufacturers.