Thousands of jobs at risk as British Steel threatens closure

British Steel is launching a consultation that could see the closure of its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk out of a workforce of 3,500.
The company said the blast furnaces were “no longer financially sustainable” due to tough market conditions, the imposition of tariffs and higher environmental costs.
The BBC understands British Steel was expecting a £1bn injection of government money to keep the business going, but was offered £500m.
Business Secretary Jonathan Reynolds said the government would “continue working tirelessly to reach an agreement with the company’s owners to secure its future”.
Trade group UK Steel said the consultation was a “pivotal moment” for the sector and the steel industry was “officially in a crisis”.

Courtesy: BBC