British Steel has agreed not to make any of its 4000-strong workforce redundant during talks with ministers about a financial aid package, Sky News learns.
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"This is in addition to extensive support we have provided to the steel sector as a whole to help with energy costs, worth more than £780m since 2013." Industrial consumers of energy have complained for months that soaring prices are imperilling their ability to continue operating. An agreement to provide substantial taxpayer funding to a Chinese-owned business, however, would almost certainly provoke outrage among Tory critics of Beijing.
"We welcome the recent announcement by the UK government to reduce energy costs for businesses and remain in dialogue with officials to ensure we compete on a level playing field with our global competitors." As part of the deal that secured ownership of British Steel for Jingye, the Chinese group said it would invest £1.2bn in modernising the business during the following decade.
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