The UK government is on the verge of fully nationalising British Steel, almost a year on from using emergency legislation to take control of the business, three people close to the situation said.
Last year a special measures bill granted the government emergency powers to take control of the business and safeguard jobs amid fears that Chinese owner Jingye was running down the site after halting coke imports.
But British Steel is heavily lossmaking and the government spent £377mn between April and the end of January to keep it afloat. The National Audit Office has warned that this could hit £615mn by June and £1.5bn by 2028 if current spending continues.
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