Ministers have discussed using new legislation to wipe out British Steel’s debts of close to £1bn, according to Whitehall figures, a controversial move that some in government believe could ease a sale of the business.
The Chinese-owned steelmaker has been under the control of the UK government since April after ministers passed an emergency law to block owner Jingye from deactivating one of its two blast furnaces.
British Steel had debts of £736mn in 2023, the most recent year for which accounts are available, almost entirely owed to Jingye and related companies. Government and industry figures said the figure is now just under £1bn.
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