British Steel mulls closure of two blast furnaces, potential job losses

Investing.com -- British Steel announced on Thursday its intention to consider the closure of two of its blast furnaces and steelmaking operations. Additionally, the company has proposed a reduction in the capacity of its steel rolling mill located in Scunthorpe.

The company’s proposed closures could potentially affect between 2,000 and 2,700 jobs, according to the company’s statement. The consultation process will involve a thorough review of the potential impacts and necessary steps to be taken if the closures are to proceed. The company did not provide a timeline for the consultation process or the potential closures.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.Which stock should you buy in your very next trade?

With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

Unlock ProPicks AI