British Steel plans to cut up to 260 jobs in Britain after being hit by soaring energy costs, the Chinese-owned group announced Wednesday.
"Decisive action is required because of the unprecedented rise in operating costs, surging inflation and the need to improve environmental performance," it said in a statement.
The announcement comes as British Steel, owned by Chinese group Jingye since 2020, seeks financial support from the UK government."It is very disappointing British Steel has chosen to take this step for its employees while our negotiations with the sector are ongoing," it said. Britain reportedly plans to offer grants totalling £600 million to help British Steel and Indian-owned Tata Steel UK replace highly polluting blast furnaces with less carbon-intensive technology.
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