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MPs from the Public Accounts Committee claim that the UK government lacks a credible plan to ensure the profitability of British Steel, which operates plants in Scunthorpe and Teeside. The committee’s 26-page report criticizes the DBIST for vague cost projections and an unclear timeline for achieving its goal of making 50% of steel used in Britain domestically. It also warns that new tariffs aimed at boosting domestic steel production could lead to smaller businesses facing higher costs or relocating overseas.
Written locally by qwen2.5:14b on 2026-09-19,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
The Public Accounts Committee has criticized the UK government for lacking a credible plan to turn around British Steel, which was nationalized over a year ago. The committee reported that ministers are unable to articulate a viable business model for the struggling manufacturer despite daily losses of £1.3 million and total costs estimated at up to £1.5 billion by 2028. Since taking control in July 2022, the government has spent £555 million, excluding external advisers' fees. Labour MP Clive Betts called these "startling levels of funding" unsustainable and urged ministers to provide a clear plan for British Steel's future beyond just supporting it with public money. The Department for Business and Trade welcomed the report but emphasized their commitment to building a sustainable, competitive, and decarbonized steel sector.
Written for “British Steel Plan Criticized” on 2026-10-04,
grounded in this article and the 2 other(s) covering the same event.
- Published
The government has no credible plan for the future of British Steel, MPs have claimed.
asserted
MPs → publish → Steel
A report by the Public Accounts Committee (PAC) said the Department for Business, Innovation, Science and Trade (DBIST) had not set out how British Steel, which runs its main plant in Scunthorpe and has operations in Teeside, would become profitable.
asserted
which → say → Teeside
MPs warned steel tariffs could drive firms out of business or to move abroad.
uncertain
tariffs → warn → business
A spokesperson for DBIST said it welcomed the report and would review the recommendations, adding securing the long-term future of the UK steel sector "was in the national interest".
asserted
securing → say → interest
A 26-page report, external, published on Friday, said the government was unable to provide clear estimates of how much the overall nationalisation could cost.
uncertain
nationalisation → publish → much
It had projected costs to reach £642m by 30 June this year, but the government later said it had only been £555m.
In April last year, the government passed an emergency bill to take control of British Steel amid reports the then-owner Jingye was planning to switch off two blast furnaces in Scunthorpe.
The Steel Industry (Nationalisation) Bill
asserted
Jingye → project → Bill
The government then published its steel strategy in March this year, which included an ambition for 50% of steel used in the UK to be made in Britain.
asserted
% → publish → Britain
The strategy confirmed electric arc furnaces as the future of British steelmaking, replacing traditional blast furnaces, which resulted in job losses at steelworks including Port Talbot.
asserted
which → confirm → Talbot
It also highlighted concerns that British Steel's 4,052 workers face uncertainty and the steel strategy is still vague about when the 50% target would be achieved.
asserted
target → highlight → uncertainty
The report said: "Without a credible long-term plan, uncertainty and costs for workers, industry and taxpayers will continue to increase."
asserted
uncertainty → say → workers
The report also shared concerns the new tariff regime, made in a bid to boost British Steel production and usage, could cause smaller businesses to go bust.
uncertain
businesses → share → production
From July, Britain lowered the tariff-free quota level for steel importers by 51% in order to stop the UK becoming a "global dumping ground".
asserted
UK → lower → %
It also doubled import taxes on steel coming into the UK above certain levels from 25% to 50%.
asserted
It → double → %
However, firms said that some steels that they need would be affected by the tariffs, but are not able to be bought from the UK.
asserted
they → say → UK
The PAC said: "This risks steel manufacturers having to pay tariffs on types of steel that they cannot avoid importing.
"
asserted
they → say → that
There is a risk that businesses reliant on these products will face higher costs, which could result in smaller firms going out of business or companies moving production overseas."
uncertain
companies → be → production
The PAC said the government needed to set up a "formal route" for steel companies to raise concerns about the new tariff regime.
asserted
companies → say → regime
The DBIST spokesperson said: "Taxpayer value for money remains a central consideration in our assessment of the future of the site and we are also backing the communities that rely on it through our steel strategy to build a sustainable, competitive and decarbonised steel sector for the years ahead."
Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North.
asserted
that → say → North
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