He said he had been forced to take over the running of the plant because Jingye, which bought British Steel in 2020, had rejected the government's offers to buy raw materials to keep the blast furnaces running.
"Despite our offer to Jingye being substantial, they wanted much more. Frankly, an excessive amount. We did however remain committed to negotiation.
"But over the last few days, it became clear that the intention of Jingye was to refuse to purchase sufficient raw material to keep the blast furnaces running, in fact, their intention was to cancel and refuse to pay for existing orders.
"The company would therefore have irrevocably and unilaterally closed down primary steel making at British Steel."