UK poised to give £300m in rescue funding to British Steel

Chancellor Jeremy Hunt is poised to assistance a £300m backing bundle for struggling British Steel, the BBC has been told.

The determination follows requests from Business Secretary Grant Shapps and Levelling-up Secretary Michael Gove.

It would beryllium connected British Steel's Chinese proprietor Jingye committing to securing jobs astatine the institution and making further important investments.

Treasury sources said the wealth would person to beryllium enactment towards decarbonisation.

It is unclear erstwhile a determination volition beryllium announced.

The enactment package, which was archetypal reported by Sky, would assistance British Steel regenerate blast furnaces successful Scunthorpe, North Lincolnshire with electrical alternatives.

These electrical arc furnaces tin tally connected renewable power, and are champion utilized with recycled steel.

Three years agone British Steel was bought retired of insolvency by Jingye, which became its 3rd proprietor successful 4 years.

But the Chinese steel-making elephantine has precocious been pushing for UK payer funding, which it says it needs to support the steadfast running.