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☆ Independent Regulator to safeguard English clubs
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

The Independent Regulator for Football (IREF) will have the power to step in to address cash flow and other systemic issues within clubs, many of which are financially vulnerable. "Legislation will be brought forward to safeguard the future of football clubs for the communities and fans," King Charles said of the Football Governance Bill in his speech. Fair Game, a band of clubs campaigning to improve football governance, described the announcement as an "historic moment for football". It is a unique strength of the English game and something that must be protected and nurtured," Parry said. Since the 1999-2000 season, 19 out of 23 Premier League seasons resulted in pre-tax losses for all clubs combined.

Persons: Park, Newcastle United's Kieran Trippier, Lee Smith, Rishi Sunak, King Charles, Niall Couper, Rick Parry, Parry, Tracey Crouch, Crouch, Lori Ewing, Ed Osmond Organizations: Soccer Football, Premier League, Newcastle United, James, Newcastle, British, Independent Regulator, Football, Bury FC, Super League, Sheffield, Reading, Scunthorpe United, English Football, Former Sports, England, Independent, LaLiga, Premier, Thomson Locations: Newcastle, Britain

A British steel industry worker displays a badge on his Tata Steel work clothing during a protest over jobs, pay and conditions of work, outside of the Houses of Parliament in London, Britain, June 28, 2023. Britain said Friday's deal would help to safeguard 5,000 jobs, but Tata Steel UK currently employs more than 8,000 people, raising the prospect of 3,000 redundancies, as the lower-carbon electric furnaces are less labour intensive. India-owned Tata Steel had long warned that without government help it could close the Port Talbot site. Britain's steel industry directly employs 39,800 people according to figures released by UK Steel in May, and supports a further 50,000 jobs in the supply chain. The government said Tata Steel UK would now inform and consult with staff and unions.

Persons: Toby Melville, Friday's, Kemi Badenoch, Port Talbot, Sharon Graham, Sarah Young, Farouq Suleiman, Elizabeth Piper, Sachin Ravikumar, Jane Merriman Organizations: Tata Steel, REUTERS, Port Talbot Tata Steel, Tata, Tata Steel UK, Business, Company, European Union, Tata Group, British Steel, UK Steel, Trade, Thomson Locations: London, Britain, steelmaking, India, Talbot, United States, England, British, Scunthorpe, Port Talbot

☆ British Steel proposes to close coking ovens in move that could cut 260 UK jobs
▼ + stars: | 2023-02-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

LONDON — Chinese-owned British Steel said it may eliminate up to 260 U.K. jobs as a result of the proposed closure of its coking ovens in Scunthorpe, as steelmaking in Britain remains "uncompetitive" despite cost cutting. British Steel employs 4,700 people, of whom 4,300 are based in the UK. The British administration has been in talks to agree a long-term solution with British Steel over recent months. The Unite union called on British Steel must provide further disclosure over Scunthorpe or face potential industrial action. "Unite will pursue every avenue, including industrial action, to defend members' jobs at British Steel."

☆ Chinese-owned British Steel plans closures which may cut 260 jobs
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 22 (Reuters) - Chinese-owned British Steel on Wednesday said it could cut up to 260 jobs after announcing the planned closure of its coke ovens in northern England, saying steelmaking in Britain was uncompetitive despite efforts to reduce costs. British Steel boss Xifeng Han said the company, which is owned by China's Jingye Group (600768.SS), was "undergoing the biggest transformation in our 130-year history." He also said decarbonisation was a major challenge for its business as the company set out proposals to close the coke ovens at its Scunthorpe site. Jingye, which bought the company out of insolvency in 2020 with a promise of 1.2 billion pounds ($1.45 billion) in spending, has invested 330 million pounds in capital projects so far, British Steel said in the statement. "Unite will pursue every avenue, including industrial action, to defend members’ jobs at British Steel," the union said in a statement.

☆ Britain in talks with British Steel and Tata to secure industry's future
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 17 (Reuters) - Britain said on Monday it was in talks with steel makers, including British Steel, owned by China's Jingye Group, and India's Tata to help secure the industry's long-term future. The government said British Steel had agreed to maintain current operations and job numbers while the talks were under way. A government spokesperson said: "We are working across the steel sector on achieving their sustainable and competitive long-term future. "We recognise that businesses are feeling the impact of high global energy prices, particularly steel producers, which is why we announced the Energy Bill Relief Scheme to bring down costs." Register now for FREE unlimited access to Reuters.com RegisterReporting by Paul Sandle, editing by Elizabeth Piper and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

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