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<p>The agreement between the Government and British Steel regarding their EU Emissions
Trading Scheme compliance was fully commercial and state aid compliant, under Section
7 of the Industrial Development Act 1982.</p><p>The terms of the commercial agreement
are set out in letters from the Permanent Secretary to the Department for Business,
Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the
Comptroller & Auditor General, copies of which have been placed in the libraries
of both Houses.</p><p>The Government carried out all of the necessary checks and due
diligence which a typical commercial lender would undertake in relation to the company
before making a commercial offer, including working closely with legal and commercial
advisors to scrutinise the terms of the transaction.</p><p>The Deed of Forfeiture
contains the terms and conditions which would be required by a commercial lender.</p>
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