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Tariff-hit British Steel confirms furnace closures / Photo: Lindsey Parnaby - AFP
NYSE - LSE
Tariff-hit British Steel confirms furnace closures
Chinese-owned British Steel confirmed Thursday plans to shut blast furnaces and other operations in England, blaming a decision that risks up to 2,700 job losses partly on US tariffs.
The company said in a statement that "the blast furnaces and steelmaking operations are no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs, and higher environmental costs relating to the production of high-carbon steel".
People close to the matter told AFP that between "2,000 and 2,700" jobs could be lost as a result of the shutdowns, which first came to light in late 2023.
British Steel, owned by Chinese group Jingye, said Thursday it would "consult on the closure of its two blast furnaces, steelmaking operations and a reduction of steel rolling mill capacity in Scunthorpe", northern England.
US President Donald Trump has slapped 25-percent tariffs on imports of steel and aluminium, raising fears of the knock-on effects for Europe's beleaguered steel industry facing fierce competition from Asia.
Britain exports about 10 percent of its steel to the United States, worth nearly £400 million in 2023.
(W.Williams--TAG)
