The UK government is contemplating legislation to relieve British Steel of nearly £1 billion in debts to facilitate the sale of the Scunthorpe steelworks. This move comes after a takeover of the company due to impending closure by its Chinese owner, Jingye Steel, which remains the legal owner. The proposed debt relief, while potentially attractive to buyers and critical for job retention, raises concerns about foreign investment sentiment in the UK. The government has already provided substantial financial support for operational needs, indicating a commitment to the plant's future.
The government is reportedly looking at legislation to relieve British Steel of debts, nearly reaching £1 billion, to prepare the Scunthorpe steelworks for sale.
Wiping out British Steel's debts may attract buyers and secure jobs at Scunthorpe but raises concerns on foreign investment perceptions in the UK.
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