Ministers have been urged to publish a credible long-term plan for British Steel after MPs warned that keeping the publicly owned company operating is becoming increasingly expensive. The firm costs taxpayers about £1.3m a day, while the government has yet to explain how it will become financially sustainable or whether public funding can be recovered.

The estimated bill could reach £1.5bn by 2028, with £555m already spent on wages and raw materials by mid-June, excluding advisers’ fees. The Public Accounts Committee wants details on future production, decarbonisation, funding and timescales, while warning that support for British Steel must not undermine other steelmakers; the nationalisation has also triggered a compensation claim from former owner Jingye and increased tensions with China.