British Steel cuts 400 jobs as firm is hit by Donald Trump's global trade war
The company announced it is axeing nearly a tenth of its workforce across its sites in the UK and elsewhere in Europe.
The workers losing their jobs are in managerial and back-office roles.
Chief executive Ronald Junck said: "The pace of change we need in this challenging industry requires further and continued investment along with more agile and efficient operations.
“To help us achieve this, we have to make difficult decisions and our plans unfortunately include the proposed reduction of 400 roles across our global workforce.
“We’re sad to be making this announcement, particularly for our colleagues who could be affected."
The revelation came after the US President imposed massive 25 per cent tariffs on steel imported to America from Britain.
The company has also been affected by the weakness of the pound, which drives up the price of raw materials imported from abroad.
British Steel workers will be asked to apply for voluntary redundancy – but the firm is likely to end up resorting to compulsory redundancies too.
The sites affected are likely to include the firm's head office in Scunthorpe, its engineering business in Workington and offices in France and the Netherlands.
The firm said workers who are at risk would be spoken to over the coming months.
British Steel was created in 2016 after Indian firm Tata sold its European steel assets to the family firm Greybull Capital.
The UK's steel industry has been in turmoil for several years – hundreds of workers were left jobless after the plant at Redcar closed in 2014.
Shadow steel minister Gill Furniss said today: "This is extremely worrying news. Workers at British Steel fought against the odds to defend the company’s future, even though the Government has refused to properly support the steel industry.
“Workers will see this as another blow to an already fragile situation and will worry it’s a prelude to further job losses."
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