UK-based steelmaker British Steel has rejected a £500 million support package offered by the UK government, according to media reports. This rejection has raised concerns over the possible closure of two blast furnaces without the financing in place to replace their output, putting more than 2,000 jobs at risk.
The rejection is said to be due to the gap between the company’s demands and the government's offer. According to the rumors, the company has requested £1 billion or more.
The subsidy was offered for the green transition of the company’s operations. In June last year, British Steel applied for a £600 million support package from the government to switch to lower emission technologies, as SteelOrbis previously reported.