Government spends £377 million in 9 months to keep British Steel's Scunthorpe site operating

The government has spent £377 million in nine months to keep British Steel's Scunthorpe site operating. The cash outlay represents substantial near-term taxpayer support to sustain domestic steel production and jobs. The intervention is politically sensitive and material for the company and UK steel sector but is unlikely to move broad markets immediately.

Analysis

The government has spent £377 million in nine months to keep British Steel's Scunthorpe site operating. The cash outlay represents substantial near-term taxpayer support to sustain domestic steel production and jobs. The intervention is politically sensitive and material for the company and UK steel sector but is unlikely to move broad markets immediately.