Production at the SSI steelworks in Redcar has stopped after it emerged last week that the plant was in financial difficulties, and unable to repay debts of £80 million.
Conditions for the British steel industry have not been favourable in recent times. One of the main factors has been the 'dumping' of cheap Chinese steel in Europe, which drives down prices.
Here are four facts about why things are going wrong, and what the government is doing to help.
- £47.7m - the amount paid so far by the government to the steel industry to offset the effect of climate change policies on electricity prices
- 30% - average fall in steel prices due to global oversupply and Chinese and Russian currency devaluations
- July - government voted to extend EU anti-dumping measures (higher import levies for Chinese steel)
- 500 - the number of infrastructure projects identified by government that will help the industry win contracts
The Thai owners of the SSI steelworks in Redcar have said that they may sell the plant in a recent press conference in Bangkok.
The blast furnaces at the site were shut down on Friday following revelations last week that the plant was in serious financial difficulties.
The Redcar steelworks employs 2,000 people whose futures are uncertain. It also uses an additional 1,000 contract workers who fear they may be out of work by next week.
Contract workers at Teesside's SSI plant are meeting management this lunchtime to discuss their future at the site
Steel production has been paused after it emerged last week that the Teesside steelworks was in financial difficulties.
Staff arrived this morning unsure what work they could carry out following the shutdown of the plant's blast furnace on Friday night.
The Redcar base employs 2,000 people whose futures are uncertain. It also uses an additional 1,000 contract workers.
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