Thu, 27 Mar 2025

Thu, 27 Mar 2025 Thousands of jobs at risk as British Steel threatens closure

The company announces a consultation that could see the closure of two blast furnaces at Scunthorpe.

* British Steel may close its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk.
* The company says the furnaces are no longer financially sustainable due to market conditions and higher environmental costs.
* British Steel was expecting a £1bn injection of government money but was offered £500m instead.
* The government claims it made a "generous offer" but the company rejected it.
* Unions have condemned the potential job losses, with some calling it a "dark day" and "a disgrace".
* The Chinese owner of British Steel, Jingye, says it has invested over £1.2bn into the business since 2020.
* British Steel is proposing to move to 100% electric arc furnace steelmaking, which would require a £2bn investment.
* The government's offer of £500m was rejected by British Steel.
* A formal consultation with staff and unions will begin over three options for the future of the business.
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