Alexander Temerko said: ‘The closure of SSI’s Redcar plant is a damning indictment of the Government’s ineptitude when it comes to supporting UK heavy industry.

‘A business like ours can use more than 100,000 tons of steel per year, but the opportunities for synergy and collaboration have been wasted by successive energy ministers, who have turned their backs on UK oil and gas suppliers, pointing at EU regulations and claiming their hands are tied.’