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UK steel industry braces for ‘grim’ September

Published 10/09/2024, 09:00
Updated 10/09/2024, 09:10
© Reuters.  UK steel industry braces for ‘grim’ September

Proactive Investors - Up to 6,000 jobs are expected to be slashed from the UK steel and oil refinery sectors this month in what is reportedly being labelled as a “grim” September by the Labour government.

As previously reported, the closures of Tata Steel-owned Port Talbot blast furnaces is expected to take 2,800 jobs with it.

British Steel is set to close blast furnaces at its Scunthorpe site; previous reports had the number of job losses at 2,500, but the BBC has reported a number closer to 3,000 after a government support package fell through.

According to reports, unions say the closure of blast furnaces at both Port Talbot and Scunthorpe will leave the UK without the ability to make virgin steel.

Another 400 will be cut at Scotland's Grangemouth oil refinery.

Labour has pledged up to £3 billion to support the UK steel industry, but investment has been earmarked for green steel initiatives that lossmaking sites like Port Talbot and Scunthorpe sites are out of step with.

The 'grim' September for steel puts a downer on relatively strong jobs data emerging from the UK today.

Read more on Proactive Investors UK

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