Advertisement

  1. ITV Report

The steel crisis: all you need to know about steel-making in the North East

Steel making in the north east has a turbulent history, but it's part of the fabric, history and heritage of the North East economy.

  • British Steel was privatised in 1988. The UK's steel workforce then stood at 55,000.
  • 11 years later that workforce had been halved following recession and British Steel merged with a dutch company to form Corus.
  • Corus was taken over by Indian firm Tata Steel in 2007 and that's when the more recent troubles in the North East started to emerge.
  • In 2010, 1700 jobs were lost as Tata stopped production in Redcar.
  • Two years later Thai firm SSI relit the furnace, but it wouldn't last.
  • By 2015 the company paused production due to a worldwide decline in steel prices.
  • SSI was mothballed and the coke ovens were extinguished forever.
  • Around 3,000 staff and contractors lost their jobs.
  • Tata then pulled out of the UK steel industry altogether - selling to private equity firm Greybull Capital.
  • Rebranding under the famous British Steel name Greybull saved 4,000 jobs, including 700 at Teesside plants in Lackenby and Skinningrove.
  • It initially returned to profit, but now British Steel is to go into official receivership.