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Industry reactive: the steel industry could make 24,000 workers redundant

May 22nd, 2019

Following the news that the steel industry in the UK needs to find a £30m cash injection or it’s likely to face administration, potentially affecting 24,000 jobs through Scunthorpe steelworks and its supply chain, Dilusha Hettiralalage, Consumer Savings Expert at www.Codes.co.uk, commented:

“The issues with the steel industry have been well documented since 2017 and in all honesty it’s done well to continue on for as long as it has. It’s a significant part of UK heritage and industrialisation, and it’s hard to imagine a UK without British Steel, but right now we need to be thinking about the 24,000 workers who could be left jobless if the second-largest steel producer in the UK is to close its doors.

“Our hearts are with those right now in limbo, unsure of what is happening and if they will have a job by the end of the week. Whether they’re single, married, have children or don’t, it’s never ideal to lose your job – especially ahead of the summer holidays, a notoriously expensive time of the year. One must also appreciate the fact that many steel workers have been operating in the industry since leaving school as teenagers, and have built up a very specific and niche set of skills that aren’t transferable to many other job roles if they are made redundant.

“£45m has already been injected into British Steel from shareholder Greybull Capital, so whilst things are looking positive, will this be the last time that the industry faces this issue and jobs are put on the line? It’s doubtful. We wouldn’t recommend everyone jumps ship if the company is able to be saved this week, but maybe it’s time for workers to consider branching out and learning a new trade or transferable skills so that they are as employable as possible, should they find themselves without a job.”

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