British Steel has announced it will be “streamlining” its workforce in order to secure a “sustainable future”.

Plans include slashing 400 managerial, professional and administrative roles. These will be across its operations in the UK, Ireland, France and the Netherlands. In addition, the company will continue to improve manufacturing performance and increasing turnover through strong sales.

British Steel’s Executive Chairman, Roland Junck, has blamed the “weakening” pound because raw materials are traded in US dollars.

“We’ve already committed £120 million to capital expenditure projects and are pressing ahead with the £50 million upgrade to our Scunthorpe Rod Mill, which we announced in July. However, the pace of change we need in this challenging industry requires further and continued investment along with more agile and efficient operations.”

“To help us achieve this, we have to make difficult decisions and our plans unfortunately include the proposed reduction of 400 roles across our global workforce.”

“We’re sad to be making this announcement, particularly for our colleagues who could be affected. The skill and dedication of our employees has helped us come a long way in a short period of time. However, it’s vital our transformation continues so we can build a sustainable future for the whole business,”

“We’re confident these proposals will help achieve this.”