British Steel's new owner looks forward to UK government loans

Jingye, the new Chinese owner of British Steel, is seeking another £ 100 million in taxpayer support less than three months after completing the takeover of his bankrupt Scunthorpe-based group. Sky News has learned that the Jingye Group, which acquired the steelmaker in March, has asked the government for a commercial loan as the industry struggles to find a way out of the coronavirus pandemic.

British Steel's request is believed to be pending at Whitehall.