LONDON (March 16): Britain has spent £377 million (US$500 million or RM1.96 billion) funding British Steel for nine months, the country's spending watchdog said, adding there was no ​certainty about the duration of support and whether it would ‌be repaid. In April 2025, the government seized operational control of British Steel from its Chinese owners, Jingye, to save the country's last remaining primary steelmaking capability and thousands of jobs. • Ongoing operations are costing ​the government around £1.3 million per day and the bill for ​support is set to reach £615 million by June. • ​A government ⁠spokesperson said: "Last year we protected thousands of jobs by saving British Steel from collapse, and we are determined to support British steelmaking now and for ⁠generations to ​come. • "We update parliament on British Steel every ​four weeks, including spending, and we continue discussions with Jingye to find a pragmatic, realistic solution ​for its long-term future."

Source: The Edge Markets March 16, 2026 09:35 UTC