Sheffield Forgemasters has said that it will be cutting up to 100 jobs today, swiftly following Tata Steel’s confirmation on Monday that 1,050 jobs were to be cut.
Sheffield Forgemasters cites slowing global economic growth, reduced activity in the oil and gas sector, and plummeting steel prices on the world market as contributing factors leading to this business “restructure”. The company also highlights “acute pricing pressure” from international competitors combined with high UK energy costs as key factors, adding that it remains focused…
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