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The site is now transitioning to greener steel production with a new electric arc furnace, which requires fewer workers to run, expected to be in place from 2027.

The BBC understands Jingye was expecting a £1bn injection of government money but was offered £500m to help its transition to a greener form of steel production with a new electric arc furnace.

Tata Steel's bid to build a £1.25bn electric arc furnace at its Port Talbot steelworks has been given the go-ahead by planners.

Tata Steel said it was replacing traditional blast furnaces with an electric arc furnace at its largest UK site in Port Talbot, Wales.

British Steel announced in 2023 it would close blast furnaces in Scunthorpe, and unveiled plans to roll out an electric arc furnace, which requires fewer workers to keep it going, with 3,000 jobs expected to be axed.