British Steel seeking government's funding support to maintain operation
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Update time : 2023-01-06 19:17:32
British Steel, which belongs to the China-based Jingye Group, said that it had requested the government to provide about US$360 million in funding to maintain the operation of its furnaces in northern England.
Ministers indicated that if the furnaces were closed, thousands of industrial jobs would be lost in northern England. Also, the demise of British Steel could make the government cost up to £1 billion in decommissioning and other liabilities.
In addition, local steel demand would increase by 20% from infrastructure projects, so the closure might make domestic production insufficient and the local market would have no choice but to rely on sources from other countries.
