‘We need to accept the cost’: future of British Steel unclear as bills for government build up
Propping up operations at Scunthorpe site, still legally owned by Jingye, now costs over £1.2m a day – so what are the options?British Steel was losing £700,000 a day last year when its Chinese owner announced plans to shut the steelworks at Scunthorpe. After Jingye rejected support to buy raw...
<p>Propping up operations at Scunthorpe site, still legally owned by Jingye, now costs over £1.2m a day – so what are the options?</p><p>British Steel was losing £700,000 a day last year when its Chinese owner announced plans to shut the steelworks at Scunthorpe. After Jingye rejected support to buy raw materials, the UK government stepped in with <a href="https://www.theguardian.com/business/2025/apr/11/parliament-recalled-to-discuss-british-steel-nationalisation">emergency legislation to take control</a> of the plant.</p><p>But that was not the end of the crisis. The cost to the government of propping up British Steel is now more than £1.2m a day. Yet the £359m bill, the latest <a href="https://questions-statements.parliament.uk/written-statements/detail/2026-01-22/hcws1266">disclosed</a> to parliament last month, may only be the start.</p> <a href="https://www.theguardian.com/business/2026/feb/08/british-steel-scunthorpe-future-unclear-uk-government-jingye-options">Continue reading...</a>
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