UK-based steelmaker British Steel will replace its blast furnaces with electric arc furnaces to produce greener steel, according to local media reports.
The switch is expected to result in a reduction of 2,000 jobs at its Scunthorpe site.
In addition, the company may secure £300 million in funding from the UK government for its efforts to transition to the electric arc furnace production route, in line with its aim to deliver net-zero steel by 2050. However, the funding, regarding which negotiations are ongoing, is said to be linked to the protection of jobs.