Chinese-owned British Steel on Monday launched plans to replace its coal-powered blast furnaces with electric technology that emits less pollution, but unions warned it would threaten up to 2,000 jobs.
British Steel added that it will invest £1.25 billion to accelerate the decarbonisation of its operations, but the overhaul hinges on"appropriate" state support. "We have engaged extensively with the public and private sector to understand the feasibility of producing net zero steel with our current blast furnace operations. However, thorough analysis shows this is not viable," Cao said.Jingye Group has"already invested £330 million in British Steel in just three years and they are committed to the unprecedented investment our proposals require".