https://www.business-standard.com/
The United Kingdom, once the birthplace of the Industrial Revolution, now faces a major crisis in its steel industry. British Steel has announced plans to close its two blast furnaces and steelmaking operations in Scunthorpe, a move that threatens up to 2,700 jobs and marks the end of more than 160 years of steel production in the town.
The company, owned by China’s Jingye Group, has cited financial losses of £700,000 per day as well as economic pressures including tariffs and rising environmental costs. The decision has been met with strong criticism from trade unions, who have described it as “devastating”.
The closure of Scunthorpe’s furnaces follows a similar decision by Tata Steel to shut down its blast furnaces in Port Talbot, Wales. This would leave the UK as the only G7 country without the ability to produce steel from scratch using traditional methods.
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