The chancellor, Jeremy Hunt, is expected to confirm £300m each for British Steel and Tata Steel in an announcement as soon as this week, although the timing will depend on them accepting the offers. The BBC first reported the government offer to both companies.
The steel industry is one of the most difficult to decarbonise owing to its huge energy needs and the use of coking coal in iron smelting, a process that emits carbon dioxide.
British Steel, which is owned by China's Jingye, and Indian-owned Tata Steel, are looking at how to upgrade their plants from burning coal to electric arc furnaces, which heat recycled metal using electricity that can in theory come from zero-emissions sources.
The companies employ thousands of workers with two furnaces each at Scunthorpe in Lincolnshire and Port Talbot in south Wales respectively.
British Steel has been in talks with the government over support to help it with the rise in costs of carbon credits and energy since the autumn, while Tata has been in talks over the future of the Port Talbot site for several years.
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