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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

‘We need to accept the cost’: future of British Steel unclear as bills for government build up

British Steel Jingye Scunthorpe SSUK David Murray United Kingdom iron ore
Two workers weld a steel girder: it is dark and they are illuminated by the glowing iron ore and a spray of sparks. They wear orange overalls, helmets and visors.
The future of the blast furnaces, rolling mills and 4,000 workers at the British Steel site in Scunthorpe remains unclear. Photograph: Danny Lawson/Reuters

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.

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