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

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The UK's National Audit Office warns that the cost of keeping British Steel's Scunthorpe blast furnaces operational could exceed £1.5bn by 2028. The government took the plant into public control in April last year after its Chinese owner Jingye threatened closure of the loss-making site.

National Audit Office highlights benefits of state rescue for jobs and orders but warns of continuing high cost The cost of keeping the UK’s last remaining blast furnaces going at British Steel’s Scunthorpe plant could exceed £1.5bn by 2028 if it continues at its current rate, according to the government’s spending watchdog. Ministers took the plant into public control in April last year, after its Chinese owner – industrial firm Jingye – threatened to shut down the loss-making site. Continue reading...