British Steel has said it will shed up to 400 jobs and streamlining its operations.
The plans include cutting up to 400 managerial, professional and administrative roles at its operations throughout the UK, Ireland, France and the Netherlands, the Guardian reports.
British Steel was created in 2016, with assets spun out from Tata Steel. It employs 5,000 across its operations. It also runs rolling facilities at Skinningrove (UK), Teesside (UK), and Hayange (France), alongside the Scunthorpe plant.
Gerald Reichmann, British Steel’s chief financial officer, says sterling’s weakness against the US dollar since 2016 is one factor behind today’s job cuts: "We’ve made a strong start to life as British Steel but our external environment is constantly changing. For example, raw materials are all traded in US dollars, so the weakening of the pound and euro have implications for us.Like any business we need to be able to flex and adapt to these changes.''