SI explanatory text
These Regulations are made under the Steel Industry (Nationalisation) Act 2026 (c. 27) (“the 2026 Act”). They transfer the property, rights and liabilities of British Steel Limited, with certain exceptions, to SPV 2026 Limited (a company wholly owned by the Secretary of State). British Steel Limited is referred to in these Regulations as “ACo” and SPV 2026 Limited is referred to as “BCo”. They should be read together with the Modification of the Law (British Steel Limited Property Transfer) Regulations 2026 (S.I. 2026/833).