The Department for Business and Trade (DBT) said a new leadership team had been appointed to focus on “stabilising the business and developing a commercially sustainable, low-carbon future”.
It argued that the decision protected not only thousands of jobs but also the sector’s “vital” role in the economy.
Money latest: Stamp duty divides north and south of England
Britain’s second-biggest steel producer was taken into government control in April last year after it emerged that Jingye Group, its Chinese owner since 2020, had drawn up plans to close its two blast furnaces at Scunthorpe.
Figures recently released to MPs showed that the intervention at British Steel had so far cost taxpayers £555m.
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Why did British Steel need to be saved?
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