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The Latest Breaking News from Jingye

Taxpayer bill for saving Scunthorpe steel furnaces could top £1.5bn by 2028, auditor says

National Audit Office highlights benefits of state rescue for jobs and orders but warns of continuing high cost

The Guardian - UK

‘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?

The Guardian - UK

UK investor Michael Flacks ‘very interested in British Steel takeover’

Businessman, who says he is a ‘big, bullish believer’, would combine Scunthorpe steelworks with Italian plant

The Guardian - UK

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

Taxpayers have been footing bill for loss-making company since April as minister acknowledges threat of EU tariffs

The Guardian - UK

Tata bought slabs from rival British Steel as it sought to beat Trump tariff plans

Sale of product from Scunthorpe plant came when Indian-owned firm tried to avoid US rules that were later dropped

The Guardian - UK

Uncertainty continues over steel tariffs after Trump deal

The promised elimination of steel and aluminium tariffs was not part of the measures announced by Donald Trump during a meeting with Sir Keir Starmer.

Evening Standard

Work to get US steel tariffs removed to go on in coming ‘days, weeks and months’

US tariffs for the steel industry will stand at 25% for now.

Evening Standard

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Rail deal worth £500m will help save Scunthorpe steelworks, says minister

Transport Secretary Heidi Alexander is visiting the Scunthorpe plant to finalise a major rail steel deal between Network Rail and British Steel.

The Independent UK

British Steel’s Chinese owners weigh attempt to recover millions in debts

Jingye Group thought to have engaged PwC as advisers after government took over UK company’s operations

The Guardian - UK

Ministers said to be considering bill to wipe out British Steel’s debts

Chinese owner owed almost £1bn as government weighs up how best to attract buyer for Scunthorpe works

The Guardian - UK

Continuing to seek Chinese investment in the UK comes at a heavy political price

One major consequence of the UK government’s resistance to rejoining the European single market is that it is forced to go around the world seeking trade deals and investment.

The Conversation

Fact check: US trade deal and Indian air strikes

Round-up of fact checks from the last week compiled by Full Fact.

Evening Standard

British Steel to hire more staff weeks after government rescue

Open roles include engineers and manufacturing operators as firm prepares to ramp up production

The Guardian - UK

Coal delivery arrives to keep Scunthorpe steel plant working for months

Government hails safeguarding of jobs as 55,000-tonne load and other imminent supplies mean blast furnaces have fuel

The Guardian - UK

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The Independent UK

‘Sigh of relief’ as British Steel shipments bring lifeline to industry on the brink

It comes after ministers used emergency powers to take control of British Steel after what was thought to be a Chinese plot to sabotage the plant

The Guardian - UK

British Steel halts redundancy plans after government rescue

Union welcomes announcement company is closing consultation on laying off up to 2,700 Scunthorpe workers

The Independent UK

British Steel halts plans for thousands of job losses after government intervention

Chinese firm Jingye proposed to close Scunthorpe's two blast furnaces last month

The Guardian - UK

British Steel must now join the modern economy, not be a prisoner of the old

Lack of investment and vision has dogged UK industry, while China has literally forged ahead

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The Guardian - UK

Cutting business ties with China would be ‘foolish’, Reeves says amid reports of US pressure

Chancellor supports economic ties with Beijing as she prepares to fly to US next week for trade deal talks

The Guardian - UK

Digested week: The house feels less than a house without Herbert Hound

We took him for one last walk – more of a slow dawdle – before the final moment in our uncomplicated relationship

The Guardian - UK

British Steel on a razor’s edge: inside Starmer’s Scunthorpe rescue mission

There were suspicions, legal wheezes and a plan to divert a ship to Gibraltar to seize cargo, as ministers’ anxieties rose

The Guardian - UK

China accuses UK politicians of ‘arrogance’ in British Steel row

Embassy criticises ‘slandering’ of Chinese government and defends Jingye over furnaces dispute

The Guardian - UK

UK trade secretary to visit China with aim of reviving key joint trade commission

Jonathan Reynold’s trip suggests government will continue its rapprochement with Beijing despite security concerns

The Guardian - UK

UK government refuses to rule out redundancies at Scunthorpe steelworks

Business secretary says plant may need ‘different employment footprint’ after government takeover of site

The Conversation

What caused the crisis at British Steel?

The two blast furnaces at British Steel’s Scunthorpe plant in England are the last of their kind in the UK. The UK steel industry was once a world leader, powering the industrial revolution. But these days it is in crisis.

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