The main trade association representing the structural steel sector in the UK said “it is dearly hoped” that the government and the Chinese owner of British Steel will reach an agreement to invest in new electric arc furnaces and secure the future of the business.
Last week, British Steel launched a consultation that could result in the closure of two blast furnaces in its Scunthorpe plant, putting up to 2,700 jobs out of 3,500 at risk.
The company said that despite a £1.2bn investment from Jingye since it took over ownership in 2020, the blast furnaces and steelmaking operations "are no longer financially sustainable" because of difficult market conditions, new tariffs and higher environmental costs.
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