Business secretary accuses owners of trying to shut British Steel

Jonathan Reynolds, the business secretary, has begun making his speech introducing the second reading of the Steel Industry (Special Measures) Bill.

He said that despite making a “generous offer of support” to Jingye, the owners of British Steel, the Chinese company wanted “much more, frankly an excessive amount”.

Reynolds accused Jingye of attempting to close down British Steel without consultation, adding: “It became clear that the intention of Jingye was to refuse to purchase sufficient raw materials to keep the blast furnaces running. Their intention was to cancel and refuse to pay for existing orders.”

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