[British Steel plan lacks credibility, MPs say]

Published: Sep 19, 2026 15:05

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A PAC report said the UK government has no credible plan for British Steel, failing to show how its Scunthorpe and Teesside operations will become profitable. British Steel was nationalised after an emergency bill in April and the July Steel Industry (Nationalisation) Act, following reports former owner Jingye planned to shut two Scunthorpe blast furnaces. The March steel strategy targets 50% domestic use and confirms electric arc furnaces will replace blast furnaces, but is vague on timing; 4,052 workers face uncertainty. Costs were projected at about 820 million USD (642 million pounds) by 30 June, later stated at about 710 million USD (555 million pounds). From July, the UK cut the tariff-free import quota by 51% and raised above-quota taxes from 25% to 50%, risking higher costs and smaller firm failures.

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