The legislation was debated and approved first in the lower house and then in the upper house on Saturday, reports The Guardian.
To come into force, the legislation must also get the green light from King Charles, which is a formality.
Parliament had called an emergency debate on Saturday to save the steel factory – and the British government is still open to nationalizing British Steel.
British Industry Minister Jonathan Reynolds said earlier, among other things, that the government had offered the owner, Chinese Jingye, to buy in raw materials to keep the factory running.
Jingye is about to pull out of the British factory in Scunthorpe in northern England. Thousands of jobs are thus threatened by a shutdown, and the British will also be left without their own steel production.
