Minister for Industry (): The Government committed
to updating Parliament on British Steel every four sitting weeks
for the duration of the period of special measures being applied
under the Steel Industry (Special Measures) Act 2025.
The Government's priority remains to maintain the safe operation
of the blast furnaces at British Steel. Government officials are
continuing to provide on-site support in Scunthorpe, ensuring
uninterrupted domestic steel production and monitoring the use of
taxpayer funds.
On funding, the position remains that all Government funding for
British Steel will be drawn from existing budgets, within the
spending envelope set out at Spring Statement 2025. To date, we
have provided approximately £419 million for working capital,
covering items such as raw materials and salaries. This will be
reflected in the Department for Business and Trade's accounts for
2025-26.
We continue to work with Jingye to find a pragmatic, realistic
solution for the future of the site. Once a solution is found, we
will terminate the directions issued to British Steel under the
Act and make a statement on the need to retain, or repeal, the
legislation. As we have stated previously, our long-term
aspiration for the UK steel sector will require co-investment
with the private sector to enable modernisation and
decarbonisation and to safeguard taxpayers' money.
Liberty Pipes Hartlepool sale
We understand that Liberty has run a sales process for their site
in Hartlepool, with Corinth Pipeworks announced as the buyer.
This is a commercial sale in which Government has not been
involved. We welcome the new investment in this site.
