The Chinese owner of British Steel has rejected a ￡500mn lifeline offer from the UK government, raising fears about thousands of jobs at the steelmaker.
A letter sent by the government to Jingye on Monday had offered the money to sustain the business and help it switch to greener production, following almost two years of rescue talks between UK officials and the company.
However, Jingye sent a letter to the government on Wednesday in which it turned down the approach, according to people familiar with the situation.
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