Company is a major employer in ‘red wall’ constituency won by Conservatives in 2019 election
• UK steel industry braces for slump in trade as US reduces tariffs on EU
British Steel sank to a loss of £140m last year, according to accounts that showed financial difficulties even after it was taken over by a new Chinese owner.
The UK company was saved from liquidation in 2019 when Jingye stepped in to buy it – for only £24m – after months of subsidised operations as the government pushed to find a buyer for an important industrial employer. Its previous owner, the private equity firm Greybull Capital, exited after only three years in charge.
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