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British Steel 'needs £100 million Government loan' after Brexit deal failed

British Steel is seeking a £100 million Government loan. Credit: PA

British Steel is seeking a £100 million Government loan after failure to pass a Brexit deal left it out of an EU-wide carbon trading scheme, according to reports.

The company is in talks with Whitehall about securing the funding, Sky News said.

British Steel is understood to be seeking the loan because of the EU’s decision not to allocate UK-based companies their usual permits under its carbon emissions trading system, according to reports.

A Business, Energy and Industrial Strategy Department spokesperson said: “As the business department, we are in regular conversation with a wide range of sectors and companies.”

British Steel employs around 4,000 people and runs a steelmaking site in Scunthorpe, as well as and rolling mills specialising in rail across the UK, France and the Netherlands.