Reynolds signals British Steel investment moveJonathan Reynolds has signalled a move towards private investment in British Steel – but said a degree of public control could be maintained. British Steel was nationalised earlier this month, under Sir Keir Starmer’s leadership, in a bid to protect the UK’s steelmaking capability and supply chains. Using the Steel Industry (Nationalisation) Act 2026, ministers wrested control of British Steel, which was previously owned by the Chinese company Jingye that had planned to close its Scunthorpe blast furnaces. Mr Reynolds has suggested new Prime Minister Andy Burnham doesn’t intend to keep British Steel in state ownership for the long term. Under former Greater Manchester mayor Mr Burnham, Mr Reynolds is heading a new department known as the Department for Business, Innovation, Science and Trade.