“I am pleased Greybull have been able to secure the money needed to give British Steel a fighting chance and this will come as a relief to the 700 workers and their families on Teesside.
“But, whilst this is positive news, it does not absolve the government of a need to act. We must have a proper strategy for steel with a sector deal, putting in place the level playing field on issues like business rates and energy costs – the things the industry has been asking for over many years now.
“We cannot keep lurching from crisis to crisis like this. Steel is a key industry underpinning British manufacturing and supports thousands of jobs. It must be supported to thrive.”
Responding to British Steel’s announcement that it has the ‘required liquidity’ whilst it ‘works towards a permanent solution’, Labour and Co-operative MP for Redcar, Anna Turley, said: