Sky News reported that UK’s Chancellor of the Exchequer Mr Jeremy Hunt is being urged by Business Secretary Mr Grant Shapps and the Levelling Up Secretary Mr Michael Gove to consider giving a GBP 300 million subsidy to help keep the blast furnaces at British Steel’s Scunthorpe plant running. In a letter seen by Sky News, the ministers warned “Closing one blast furnace would be a stepping stone to closure of the second resulting in a highly unstable business model dependent on Chinese steel imports.” They warned that “Failure to support the company may cost the government up to GBP 1 billion in plant decommissioning costs. The local economic impact of closing both blast furnaces is estimated to be in the region of GBP 360 million to GBP 640 million, with a further GBP 500 million to £1bn liability for HMG through compulsory liquidation, insolvency and land liabilities.” British Steel’s parent company, Jingye, claims the plant is losing GBP 1 million a day and has said it will shut down one of its two blast furnaces as early as next month. The plant currently employs nearly 4,000 workers. Closure of a blast furnace, one of four in the UK, would lead to the loss of 1,700 jobs immediately. Thousands more jobs in UK manufacturing industries would also be at risk.