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Chinese-owned British Steel announces 260 job cuts amid soaring energy prices
- The company said energy costs last year increased by US$230 million resulting in an ‘unprecedented’ rise in operating costs
- Shutting coke ovens at its Scunthorpe, northern England plant, would also help the group ‘build a green and sustainable future’
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British Steel plans to cut up to 260 jobs in Britain after being hit by soaring energy costs, the Chinese-owned group announced on Wednesday.
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The company said its energy costs last year increased by £190 million (US$230 million).
“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.
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British Steel said it plans to shut coke ovens at its Scunthorpe plant, northern England, which would help the group to also “build a green and sustainable future”.
The announcement comes as British Steel, owned by Chinese group Jingye since 2020, seeks financial support from the UK government.
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