British Steel plans consultation amid 2,700 job losses risk

British Steel has announced a consultation that could lead to the job loss of up to 2,700 employees at its Scunthorpe facility, following the rejection of a £500 million government subsidy by its parent company, Jingye Group. The proposed plans include the closure of two blast furnaces and a reduction in steelmaking operations, citing unsustainable financial conditions exacerbated by tariffs and environmental costs. Trade unions have criticized the move, accusing British Steel of leveraging its workforce to negotiate with the government. Labour politicians are urging the government to act swiftly to protect the steel industry, emphasizing its crucial role in infrastructure and national security. British Steel has recognized the difficult circumstances for its employees and remains open to discussions with unions and the government. The situation reflects broader concerns about the UK's steelmaking capacity and its implications for the economy.