The biggest problem with ANY nationalised company (and have seen this first hand so many times here in the UK) is the very simple fact that the people put in place to run these companies are not business people with the correct training and knowledge to run a company correctly and profitably.
What they are is chums / friends of politicians that haven’t got a clue how to actually do their job, but they know that they have to provide a very good return for their mates that gave them the job, or even worse, politicians themselves and they know that they are only there as long as their party is in power or until they get moved to a “better” posting and being politicians they do nothing other than make decisions based on politics and or how much can they personally make off anything.
Any nationalised company needs to be run by someone that knows what the fuck they are doing, but governments refuse to pay the going rates for someone with this experience and qualifications because they know a mate that can do this on the cheap (with a very good backhander thrown in for being given the job) or give it to themselves to run due to not only the it being “cheaper” but they know they can have full control over the person running it as the person doesn’t have the experience to turn round and say “this will not work etc”
Thus you get a company that can and should be making decent profits for the country, ending up costing more that it makes and giving a useless performance because of how badly it’s run and how much it costs for the public to use
Which finally gets privatised, better run, profitable, just all the profits are now leaving the country and going to a private company based elsewhere.