Officials reportedly drafting legislation likely to safeguard Britain’s last blast furnaces and save thousands of jobs

The full nationalisation of British Steel is expected to be announced in the King’s speech this week, a year after the government took over the daily running of the loss-making business from its Chinese owner.

The steelmaker, which employs 3,500 people at its plant in Scunthorpe, came under government control last April amid fears that its owner, Jingye, was planning to shut down the site.