Why does British Steel need to be rescued by the government and what happens next?

Who owns British Steel? The company has been through several owners since it was privatised in the 1980s. The latest, Jingye, was welcomed by then prime minister Boris Johnson in 2019 after private equity firm Greybull had run the firm for three years. A glut of steel on international markets and the investment needed to upgrade the works to run on renewable energy has convinced the Chinese firm that Scunthorpe is not economically viable. Why has the government stepped in to rescue it? Ministers wanted to develop an industrial strategy - that includes domestically produced steel - before allocating any…