The new legislation would see Scunthorpe-based British Steel brought into public ownership.

Powers to nationalise the steel industry have been passed by both houses in Parliament. The House of Commons approved on Tuesday a number of amendments to the Steel Industry (Nationalisation) Bill made in the House of Lords. The King signed the bill into law on Wednesday, meaning Scunthorpe-based British Steel could now be brought under public ownership. Energy minister Chris McDonald told the Commons the government was "acting decisively and with a purpose in the national interest". He rejected criticism from shadow business secretary Andrew Griffith, who argued "nationalisation is a bad idea" and that the "real issue" for steel is Energy Secretary Ed Miliband's "addiction to ruinously high energy prices". North Lincolnshire Council leader councillor Rob Waltham said it was "significantly important" for Scunthorpe and the surrounding area but said more still needed to be done to secure its long-term future. "It's really welcome news because it gives a certain future for steel-making in Scunthorpe," he said. "It's a significant part of our local economy and British Steel is critically important to our nation's infrastructure.