British Steel Ltd. intends to shut down its blast furnace located in Scunthorpe, with as many as 2,000 workers potentially being up for dismissal, BBC reported on Monday citing sources.
According to the media outlet, the company is planning to replace the current furnace with two electric arc furnaces (EAFs). One would be placed in Scunthorpe while the other would be housed in Teesside, with the building expected to last for two to three years.
British Steel shared it is taking these steps in an effort to transform itself into a "green and sustainable company." Sources at the Department for Business told BBC that the scheme is part of a package of taxpayer support that will be given to the business, worth £500 million.
