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Government Seizes British Steel Plant, £1.5bn Taxpayer Bill

5/14/2026

29 6 Full Breakdown

Summary

Story summary

The government seized control of British Steel’s Scunthorpe plant and continues to fund its operations.
Taxpayers have already contributed £419 million to keep the company running since the takeover 11 months ago.
A National Audit Office report in March projected total public spending could exceed £1.5 billion by 2028.
Converting the plant to an electric-arc furnace is expected to cost at least £1 billion and to take at least five years.

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Story summary

The government seized control of British Steel’s Scunthorpe plant and continues to fund its operations.
Taxpayers have already contributed £419 million to keep the company running since the takeover 11 months ago.
A National Audit Office report in March projected total public spending could exceed £1.5 billion by 2028.
Converting the plant to an electric-arc furnace is expected to cost at least £1 billion and to take at least five years.