00:00Hello, I'm Greg Wright of the Yorkshire Post. Some major breaking news.
00:06British Steel has announced it will consult on the closure of its two blast furnaces, steelmaking operations, and a reduction of steel rolling mill capacity in Scunthorpe.
00:18Since 2020, the shareholder British Steel has invested more than £1.2 billion to maintain operations amid what the statement describes as ongoing production instability and significant financial losses.
00:32Investments to date include over £300 million in capital projects.
00:37Despite this, the statement says that the blast furnaces and steel operations are no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs and higher environmental costs linked to the production of high carbon steel.
00:53My name's Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
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