British Steel plans closure of plant after failing to agree package with UK government

British Steel plans to close its blast furnaces and steelmaking operations in Scunthorpe after Jingye, its Chinese owner, failed to secure a rescue package with the U.K. government. Despite investing over 1.2 billion pounds since 2020, British Steel is facing daily losses of around 700,000 pounds and blames market conditions, tariffs, and environmental costs. Unions are calling for government support to save 2,000 to 2,700 jobs, but negotiations for new electric arc furnaces have not been successful, leading to uncertainty about the future of the industry.

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