Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
The Chinese owner of British Steel has rejected an offer of £500 million from the UK government to help switch to greener production in a move that raises concerns about the future of one of the UK’s biggest steel companies.
Energy Minister Sarah Jones told the House Business Selection Committee on Wednesday that the government made an offer to British Steel owner Jinsy on Monday to continue the business, but was rejected.
According to those familiar with the situation, Jingie wrote to the government on Wednesday, denying the approach.
People said the Treasury had provided £500 million to try to keep its business up, given the strategic importance of the steel industry to the UK.
Jones said the government is “still talking to British steel every day,” but he said questions will develop into the future of thousands of jobs at its flagship site in Scunthorpe, Lincolnshire.
British Steel operates the UK’s last two remaining blast furnaces after India-owned Tata Steel closed its last one in September.
British Steel did not respond immediately to requests for comment.
