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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

Cost of taking over British Steel rises to £235m, government says

British Steel European Union Chris McDonald Jingye Scunthorpe United Kingdom
A worker in a hi-vis orange uniform walks through part of the British Steel plant in Scunthorpe
The latest costs add to the £604m spent on keeping the Scunthorpe plant going in 2019 and 2020, when it collapsed into insolvency under the private equity fund Greybull Capital. Photograph: Danny Lawson/Reuters

The cost of taking control of British Steel has risen to £235m, the UK government has said, as it acknowledged concern over the threat of EU tariffs that could significantly harm the business.

The government passed emergency legislation in April to take control of British Steel amid fears that its Chinese owner, Jingye Steel, was planning to walk away from its Scunthorpe steelworks.

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