Closing summary
Time to wrap up… Here’s a quick reminder of the main points.
British Steel has announced a £1.25bn plan to replace two blast furnaces in Scunthorpe, in a move that would further reshape the UK steel industry and could eventually threaten the jobs of up to 2,000 steelworkers.
The company, owned by China’s Jingye, on Monday informed workers that it proposed to replace the blast furnaces with greener electric arc models, rejecting the possibility of capturing the carbon in a blow to the nascent British carbon capture industry.
Under the proposals, the two blast furnaces at Scunthorpe, in North Lincolnshire, would be replaced by an electric arc furnace at Scunthorpe and another at a site in Teesside, North Yorkshire. That would mark the return of steelmaking to Redcar, where the blast furnace was demolished last year after its closure in 2015.
British Steel is also seeking state help to support its decarbonisation push.
Unions have criticised the plan, urging the government to provide assistance to protect jobs.
Here’s the full story:
Elsewhere today:
Builders in the UK had one of their worst months in more than three years in October, led by a drop in housebuilding, a new survey shows.
UK car sales have risen for the 15th month running, after dealers reported a 14% year-on-year increase in October.
Shares in WeWork habe been suspended, pending a news announcement. The move follows reports it is likely to file for Chapter 11 bankruptcy protection soon.
The UK’s data watchdog has issued a formal apology to ex-NatWest boss Alison Rose, saying it was “incorrect” to suggest she had breached data protection laws by discussing Nigel Farage’s banking relationship with a BBC journalist.
Ryanair is to hand its shareholders regular payouts for the first time after soaring air fares put the airline on track to make record profits.
A US food company is recalling 13 and a half tonnes of dinosaur-shaped chicken nuggets after customers reported finding metal pieces in the product.
Here’s a chart showing how builders in the UK had one of their worst months in more than three years in October.
