Thousands of jobs are at risk at British Steel’s plant in Scunthorpe, northern England © Getty Images
British Steel has announced an eightfold increase in pre-tax losses during 2022 as concerns mount about the future of the Chinese-owned company.
The steelmaker, owned by China’s Jingye, made losses of £408mn on turnover of £1.7bn in the 12 months to December 2022, according to newly filed accounts at Companies House. A year earlier, it lost £49.5mn on turnover of £1.5bn.
The government is in long-running talks with the company over its transition from conventional steelmaking to green, less labour-intensive electric arc furnaces, with ministers aiming for a similar deal to one struck with Tata Steel last week.
But with no agreement in sight, one person close to the situation said the government expected Jingye to announce the closure of its blast furnace in Scunthorpe this…
