"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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: