steelmaking

It has not ruled out full public ownership, but is also looking for potential private investors to fund steelmaking operations, which has increasingly been raised as a national security issue.

Concerns over the future of the UK's steelmaking capability were raised when talks between the government and Jingye broke down, with the business secretary saying it had "become clear" that the company was intent on closing down the blast furnaces.

Traditional steelmaking ended in Port Talbot last year as part of a plan to eventually move to greener electric arc.

The UK's climate change advisors have criticised the handling of a switch to greener steelmaking at the country's largest plant in Port Talbot, which resulted in huge job losses.

The move brought an end to traditional steelmaking at the site, as the company grappled with losses of over £1m a day.