UK considers £300m rescue funding for British Steel, reports say
Chancellor Jeremy Hunt is poised to grant a £300m funding package for struggling British Steel, the BBC understands., would secure thousands of jobs and make the firm's output more sustainable.
British Steel's Chinese owner Jingye would need to agree to invest at least £1bn in the business by 2030, Sky said.Jingye would also have to commit to securing jobs at the company. Mr Hunt is considering the move after requests from Business Secretary Grant Shapps and Levelling-up Secretary Michael Gove, the BBC understands.Sky said the funding would help British Steel replace blast furnaces in Scunthorpe, North Lincolnshire, with electric alternatives.Three years ago British Steel was bought out of insolvency by Jingye, which became its third owner in four years.
But the Chinese steel-making giant has recently been pushing for UK taxpayer funding, which it says it needs to keep the firm running.
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