British Steel's Chinese owners urged to exit 'with heads held high' over Scunthorpe site
It has been reported a search for a new owner has come to a halt because Jingye want millions to be paid to them in cash to complete the transfer.
In April, the future of this site was hanging in the balance as owners Jingye said it wasn't financially viable .
The government stepped in to take control of the steelworks to prevent the blast furnaces being permanently switched off.
Jungye remains the official owners of British Steel after the government stopped short of fully nationalising the company - however ministers believe is worth effectively zero.
Earlier this year Jingye rejected a £500m subsidy to support the switch to green steel production. It said it was losing £700,000 a day keeping the blast furnaces operational and claimed they were no longer viable.
Since then negotiations have been taking place with the owners about the transfer of the site but there has not been any resolve.
Sir Nic Dakin MP said the owners should "exit with their heads held high" and transfer the business to the Government for a nominal fee.
In a statement he said: "I stand firm with the Government in protecting British Steel now and in the long-term.
"The Government has been clear that legislating for nationalisation remains an option, but I urge Jingye to consider their position and exit the business with their heads held high. They should transfer the business to the Government for a nominal fee."
"The sooner questions about the ownership of the business are put to rest the better."
A spokesperson for the Department of Business and Trade said it is working with Jungye to "determine the best long-term sustainable future for the site."
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