‘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 materials, the UK government stepped in with emergency legislation to take control of the plant.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 disclosed to parliament last month, may only be the start. Continue reading...
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 materials, the UK government stepped in with emergency legislation to take control of the plant.
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 disclosed to parliament last month, may only be the start. Continue reading...
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