British Steel Plan Lacks Credibility, MPs Say

MPs have said the government has no credible plan for British Steel’s future, with the Public Accounts Committee warning the company still lacks a clear route to profitability, according to BBC. The report said the Department for Business, Innovation, Science and Trade has not set out how British Steel, which runs its main plant in Scunthorpe and has operations in Teeside, will become profitable. It also said the government could not give clear estimates of the total cost of nationalisation, after projecting £642m by 30 June this year and later saying the figure was £555m. The committee warned the new steel tariff regime could raise costs for firms that cannot source some types of steel in the UK, potentially pushing smaller businesses out of business or overseas.