“ALL options remain on the table” for the future of British Steel, Chancellor Rachel Reeves said today as fears grew that its Scunthorpe plant could close next month.

The company’s Chinese owner, Jingye, has cancelled future orders for raw materials needed to keep the furnaces operational and British Steel has launched a formal consultation process.

Ms Reeves suggested that nationalisation could be a possibility, saying: “All options remain on the table regarding British Steel.