The owners of Britain's second-biggest steel producer are seeking an urgent package of financial support from taxpayers amid renewed fears for thousands of industrial jobs in the north of England
It would then plan to import steel from China to roll at British Steel's UK sites, according to the insider.
For Mr Rees-Mogg, who took over as business secretary less than a month ago, a decision over government support presents a politically undesirable menu of choices. A British Steel spokesman said:"We are investing hundreds of millions of pounds in our long-term future but like most other companies we are facing a significant challenge because of the economic slowdown, surging inflation and exceptionally high energy and carbon prices.
British Steel had been formed in 2016 when India's Tata Steel sold the business for £1 to Greybull Capital, an investment firm. "Today, as British Steel takes its next steps under Jingye's leadership, we can be sure these will ring out for decades to come.
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