Business secretary Jonathan Reynolds has held urgent talks with British Steel’s Chinese owner, as ministers prepare to raid Labour’s £2.5bn “green steel” war chest to try to persuade the company not to close its UK operations.
Reynolds last week met Li Huiming, chief executive of Jingye, which has owned British Steel for four years but is now threatening to walk away in a move that imperils about 2,000 jobs.
British Steel operates the last two remaining blast furnaces in the UK after Tata Steel closed its last one in September.
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