British Steel is poised to receive almost a third of a billion pounds to save it from collapse and help structure a cleaner future.
The government is understood to be ready to meet pleas from the Scunthorpe-headquartered company, with a £300 million package on the table, to be issued in instalments, should the Chinese-owned firm meet certain conditions.
Soaring energy prices have hit the steelmaker hard, while demand shrinks as the economy slows. Negotiations started late last year, with chief executive Xifeng Han making the case clear in a recent statement.
