Sky News has reported that Jingye Group has indicated that British Steel's two blast furnaces will not be commercially viable without hundreds of millions of pounds of taxpayer support and is seeking an urgent package of financial support from taxpayers amid renewed fears for thousands of industrial jobs in the north of England. The report said “While the precise scale of the support being sought by the Chinese industrial group is unclear, insiders suggested that it would need hundreds of millions of pounds to keep the Scunthorpe blast furnaces operational. It is also unclear whether any financial subsidy would be in the form of a loan or grant.”The report quoted an insider as saying that Jingye is prepared to make thousands of people redundant if ministers rejected its request and would then plan to import steel from China to roll at British Steel's UK sitesBritish Steel had been formed in 2016 when Tata Steel sold the business for GBP 1 to investment firm Greybull Capital. British Steel, which is headquartered in Scunthorpe in north Lincolnshire, employs about 4,000 people, with thousands more jobs in its supply chain dependent upon the company. Jingye Group had bought British Steel out of insolvency in 2020 for GBP 50 million. As part of the deal that secured ownership of British Steel for Jingye, the Chinese group said it would invest GBP 1.2 billion in modernizing the business during the following decade.Tata Steel, which owns the vast Port Talbot steelworks in Wales, remains Britain's biggest steel producer. It, too, has sought government support in recent months, with the Financial Times reporting in July that the Indian-owned group was seeking GBP 1.5 billion of taxpayer funding to help it decarbonize its operations.