Electric Arc Furnace

But spectre of an estimated 3,000 job losses looms large over deal that is expected to unlock £1.25bn of investment in lower carbon electric arc furnace at the site

Chinese-owned steelmaker considering shift to electric arc furnace technology at sites in Scunthorpe and Teesside if it can secure UK government support

Partnership comes as Global Energy Monitor report warns steel industry faces $518bn of stranded assets unless measures to decarbonise are taken now