The UK government provided an emergency loan to Celsa Steel to allow the company to continue trading.
As part of the loan, which is expected to be repaid in full, the company must meet a series of legally-binding conditions to ensure public money benefits the workforce, business, and wider society. These conditions include commitments to protect jobs, climate change and net zero targets, improved corporate governance, such as restraints on executive pay and bonuses, and tax obligations. It has also required further financial commitments from shareholders and existing lenders.
The government has also provided more than GBP 300 million relief for electricity costs since 2013, public procurement guidelines with annual reports on the proportion of public sector steel bought from British firms, and details of a steel pipeline on national infrastructure projects worth around GBP 500 million over the next decade.