{
  "$type": "site.standard.document",
  "bskyPostRef": {
    "cid": "bafyreigdqe2goefnyp4br2dhpidscfzquajveegvhygzga5rehitcmo3yu",
    "uri": "at://did:plc:oznbnvgr7dmvddiyvr7dih52/app.bsky.feed.post/3mh56jesnhkf2"
  },
  "coverImage": {
    "$type": "blob",
    "ref": {
      "$link": "bafkreietujcwsbh243koheq5pqrogyvcy47ijutwaifythe2xg7dcg2vbq"
    },
    "mimeType": "image/jpeg",
    "size": 64008
  },
  "path": "/news/british-steel-britain-spend-open-last-remaining-blast-furnaces-scunthorpe",
  "publishedAt": "2026-03-16T00:01:03.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Labour ministers were said to have proposed a compensation package worth tens of millions of pounds",
    "Zack Polanski's calls to leave Nato branded 'deeply daft' amid Iran war: 'Wholly unserious!'",
    "Donald Trump warns US may carry out more strikes on Iran’s Kharg Island ‘just for fun’",
    "UK must build its own nuclear missiles and end reliance on US, says Ed Davey",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nBritain is set to spend £1.5billion to prevent the closure of the country's two last remaining steel blast furnaces, it has been revealed.\n\nBritish Steel's Scunthorpe furnaces were on the verge of closing last year, with Jingye, the Chinese group that owns British Steel, losing upwards of £700,000 per day due to challenging market conditions, tariffs, and high environmental costs.\n\n###\n\n\n\n\nThe financial losses meant Jingye was considering shutting the furnaces down for good, until the Department for Business and Trade (DBT) quickly intervened.\n\nThe National Audit Office (NAO) said £377million was spent in order to prevent job losses and a significant impact on industry.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nBut, with operations costs at a whopping £1.3million per day, the NAO have estimated total costs of the project, which has no set budget, repayment schedule, or end date, could reach £1.5billion.\n\nIn addition to the £377million to keep British Steel operating, £15million was spent on advisers and £359million to the company for operating activities.\n\nSpending is expected to exceed £615million by June, and could reach £1.5billion by 2028, if spending continues at its current rate.\n\nGareth Davies, head of the NAO, said: \"DBT was able to act quickly to save British Steel’s Scunthorpe furnaces from closure, avoiding heavy job losses and serious impacts on major UK infrastructure and construction projects.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\n\"However, the trade-off is the significant cost of maintaining operations, and uncertainty over how long this will continue.\n\n\"DBT should learn from this experience to be better prepared for future interventions.\"\n\nIt comes just days after Labour ministers were said to have proposed a compensation package worth tens of millions of pounds to Jingye as part of efforts to resolve the ongoing dispute.\n\nSources familiar with the discussions said the proposed settlement is understood to be below £100million.\n\n### LATEST DEVELOPMENTS:\n\n\n\n\n  * Zack Polanski's calls to leave Nato branded 'deeply daft' amid Iran war: 'Wholly unserious!'\n  * Donald Trump warns US may carry out more strikes on Iran’s Kharg Island ‘just for fun’\n  * UK must build its own nuclear missiles and end reliance on US, says Ed Davey\n\n\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nJingye and DBT were in talks about moving to electric arc furnaces between 2022 and 2025, but had not reached an agreement.\n\nBy March of last year, operating losses meant Jingye announced it was considering closing down the blast furnaces.\n\nHad the furnaces shut down, it could have cost thousands their jobs in Scunthorpe and affected other customers, such as Network Rail.\n\n###\n\n\n\n\n###\n\n\n\n\nEmergency legislation was passed to allow the DBT to instruct British Steel to continue operating the furnaces.\n\nThe £377million, which was spent between April 2025 and January 2026, was classified as a loan.\n\nThere is no repayment schedule in place, and it is not clear whether British Steel will be able to repay the loan at all.\n\n###\n\n\n\n\n**\n**\n\n**\n**\n\n**Our Standards:The GB News Editorial Charter**",
  "title": "Britain to spend £1.5 BILLION to keep open last remaining blast furnaces"
}