Fears for Scunthorpe steelworks jobs as consultation launched on closure

British Steel's Chinese owner Jingye is launching a consultation on the closing of its blast furnaces at Scunthorpe steelworks, sparking fears for thousands of jobs at the site. Unions the GMB, Community and Unite have called on the Government to help secure the future of British Steel, which has said the closure could come at a later date if an agreement is reached. Jingye, which pointed to the impact of tariffs among the reasons for the decision, says it has invested more than £1.2bn in British Steel since it took over in 2020 and has incurred losses of about £700,000 per day. It said: "Despite this, the blast furnaces and steelmaking operations are no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs, and higher environmental costs relating to the production of high-carbon steel. The company had sought support from the UK Government for a major capital investment in two new electric arc furnaces. "However, following many months of negotiations, no agreement has been reached. As a result, the difficult decision has been made to consult with employees and to consider proposals to close the blast furnaces and steelmaking operations and reduce rolling mill capacity." British Steel chief executive Zengwei An said: "We understand this is an extremely difficult day for our staff, their families, and everyone associated with British Steel. But we believe this is a necessary decision given the hugely challenging circumstances the business faces. We remain committed to engaging with our workforce and unions, as well as our suppliers and customers during this time." News of the consultation follows a plan put forward in February by Community which proposed to keep two blast furnaces at Scunthorpe while new, electric arc furnaces were built. The plan required £200m of Government support to offset carbon costs during the transition period. At the time, Community warned that if the Scunthorpe site was to close, the UK would become the only G7 country without domestic steelmaking capacity. The prompted worries over national security. Jingye said it had sought Government support for the major capital investment required for the electric arc furnaces but that months of negotiations had not yielded an agreement. Roy Rickhuss, Community general secretary, said: "This is a dark day for our steel industry and for our country. We urge Jingye and the UK Government to get back around the table to resume negotiations before it is too late. "Crucially, Jingye have not ruled out retaining the blast furnaces during a transition to low-carbon steelmaking if they can secure the backing of the Government. The closures at Scunthorpe would represent a hammer blow to communities which were built on steel, and where the industry still supports thousands of jobs directly and thousands more through extensive supply chains. "Given that we are now on the cusp of becoming the only G7 country without domestic primary steelmaking capacity, it is no exaggeration to say that our national security is gravely threatened. This would be catastrophic at any time, let alone in the current era of geopolitical instability and volatility. "Steel is an essential component of defensive infrastructure, just as it is to wider plans to invest in growth across the country. At this critical juncture, the Labour Government must do everything it can to secure the future of steelmaking at Scunthorpe - it would be unthinkable for them to let it die on their watch. "Labour has made important commitments to steelworkers, including setting aside £2.5bn towards supporting the steel sector with decarbonisation, and it is now time for Government to deploy these funds to protect the industry. "If the Government chooses to let Scunthorpe die it would make a mockery of their grand ambitions to deliver growth through massive infrastructure investment, because British Steel is our only steelmaker than can produce the construction steels the country needs for our roads, railways, schools and hospitals."

Lowe’s Advantage Card: A Comprehensive Review of Benefits, Drawbacks, and Key Features

Julian Foster 

The Lowe's Advantage Credit Card is primarily beneficial for regular Lowe's customers, as it offers savings on transactions and has no annual fee. Cardholders can choose between a 5% discount, 0% APR financing for 12 months on purchases of $299 or more, or 84 months of financing at 9.99% APR for purchases of $2,000 or more. However, all these financing options come with deferred interest, meaning you need to pay off the debt within the promotional period to avoid retroactive interest. The standard APR after discounts is 31.99%. On the bright side, new Lowe's Advantage cardholders get a 20% discount on their first purchase, up to $100. Lowe's Rewards Credit Card Benefits The Lowe's Credit Card offers several advantages for Lowe's shoppers, whether you're planning a major home improvement or making everyday purchases. Here are some key benefits: Get Points and Rewards Every dollar spent with the Lowe's Advantage Credit Card earns points, which can be redeemed for Lowe's dollars. For every 1,000 points, you earn cashback rewards that can be used for future purchases, helping you save money over time on your home renovation projects. Online Shopping Advantages The Lowe's Advantage Card offers 1.25 points for every dollar spent online, making it beneficial for large home improvement projects and regular internet purchases. This extra point accelerates rewards accrual, and over time, these points can add up to significant savings. Additionally, the card provides free basic internet shipping and points, further boosting your savings. This perk is particularly appealing to regular Lowe's shoppers, as it lowers costs and simplifies the purchasing process. 0% APR Option For purchases over $299, such as flooring and appliances, the Lowe's Advantage Credit Card offers a six-month 0% APR promotional period. This allows you to spread out payments over six months without accruing interest, making it easier to budget for big-ticket items. Financing for 84 Months For purchases over $2,000, you can finance them over 84 months at a 9.99% APR. This extended financing option breaks down significant purchases into manageable monthly payments, although the interest over the loan's duration can add up. Lowe's Advantage Credit Card Drawbacks Closed-Loop Credit The Lowe's card is a closed-loop credit card, meaning it can only be used at Lowe's physical and online stores. This limitation can be a downside if you want a credit card that offers rewards or benefits at multiple locations. Interest Deferred with 0% Financing While the 0% special financing offer is enticing, it comes with deferred interest. If you don't pay off the balance before the 12-month promotional period ends, you'll be charged interest on the entire purchase amount, which can significantly increase the overall cost. High Purchase APR The standard purchase APR is 31.99%, which is quite high compared to other credit cards. If you carry a balance, the interest charges can quickly add up, negating any savings or financing benefits. To avoid hefty interest costs, it's crucial to manage your expenditures and pay off your balance each month. Lowe's Advantage Card vs. Wells Fargo When selecting a credit card, it's essential to compare your options to find the best fit for your financial needs. The Lowe's Advantage Credit Card offers 5% off Lowe's purchases and a unique rewards structure. For online shoppers, earning 1.25 points per dollar spent can lead to significant rewards. However, this card's rewards program is limited to Lowe's, making it less useful for those who don't shop there frequently. The Wells Fargo Reflect Card, on the other hand, offers a long introductory APR period for significant expenditures, making it attractive for large purchases. However, it lacks a rewards program, which might be a drawback for everyday shoppers. Neither card offers introductory bonuses, which may disappoint consumers who seek incentives for switching or applying for new credit cards. Both cards have no annual fee, making them affordable options. During special financing campaigns, the Lowe's card offers delayed interest, but the Wells Fargo Reflect Card provides a 0% introductory APR for 21 months on purchases and qualified balance transfers, giving customers more flexibility to spread out payments. Final Verdict: Is Lowe's Rewards Credit Card a Good Fit for You? The Lowe's Advantage Card is a great option for those who frequently shop at Lowe's and plan significant home improvements. The card offers 5% off eligible purchases and special financing options, making it appealing for large home modification projects. If you're planning major home upgrades and prefer a no-annual-fee card, the Lowe's Advantage Credit Card is worth considering. It offers tailored financing options for big expenses, which can be beneficial for home enhancements. By paying off your balance during the promotional period, you can effectively manage your costs, making this card a valuable tool for budget-conscious homeowners looking to save money.

Cycling accessories firm secures funding to expand Bristol HQ

A Bristol cycling accessories designer and manufacturer has secured £600,000 to fuel its expansion plans. Tailfin, on Cumberland Road, is part of the rapidly-growing 'bikepacking' market - an adventure-focused cycling discipline where cyclists carry all necessary gear on their bikes. The company was founded a decade ago by Nick Broadbent, a mechanical engineer and product designer, and initially focused on rack and pannier accessories. Today, Tailfin has more than 12 product lines distributed from warehouses in the Netherlands, US, and Europe. The business will use the additional working capital from the British Business Bank's South West Investment Fund, and delivered by fund manager FW Capital, to broaden its product range, it said. Significant investment is also being directed towards expanding the company's Bristol headquarters, creating a state-of-the-art R&D studio with new equipment, specialised tools, and enhanced prototyping capabilities. Extra funds will also be used to invest in high-quality video production equipment and a dedicated studio space, Tailfin added. Mr Broadbent said: “This investment marks a significant milestone for Tailfin, enabling us to push the boundaries of design and technology further and to enhance our robust intellectual property portfolio, which already includes over 20 patents. "Crucially, it also supports our growth strategy by enabling us to expand both our innovative product lines and our talented team of passionate cycling enthusiasts.” Tailfin's Bristol headquarters houses a team of 25 designers, marketers, and operational specialists, collaborating with specialist manufacturing partners across China, Vietnam, and Taiwan. Jordan Berg represented FW Capital and led the deal. He said: “Tailfin is a premium quality brand in the bikepacking world that have created an innovative range of products that appeal to all cyclists from commuters, adventure cyclists to world-class ultra endurance athletes. Nick’s vision to bring his products to market is very impressive and the success Tailfin has enjoyed is testament to that." The South West Investment Fund provides loans from £25k to £2m and equity investment up to £5m to help small and medium-sized businesses to start up and scale up. Fund manager FW Capital provides debt finance using the South West Investment Fund to businesses in Bristol, Gloucestershire, North and North East Somerset and Wiltshire. Lizzy Upton from the British Business Bank added: “The South West Investment Fund was created to support ambitious businesses like Tailfin, helping them scale, innovate, and strengthen their market position."

More than 400 jobs lost as metalwork operation collapses only months after rescue

A metalwork firm that employed hundreds of people in the North East, Midlands and South East has collapsed only months after it was rescued in a pre-pack administration deal. In September, Fablink Group was acquired in a near £3m deal by investors Praetura Commercial Finance and TDC Impact Limited, which backed director Richard Westley in a new venture called Wharfside Industrials. Administrators at the time hoped a string of pre-pack deals involving eight group subsidiaries had safeguarded the future of the business, which specialised in metal pressings, cab assemblies and fuel tanks, and operated from bases in County Durham and Wolverhampton, Luton and Northamptonshire. But in the intervening months the business lost contracts with several key customers and now administrators from EY have been appointed. The majority of the group's 427 staff, including around 200 in County Durham, have been made redundant while joint administrators Lucy Winterborne and Dan Hurd explore a sale of certain parts of the group and its assets. September's collapse of the group came in the wake of a problematic few years for Fablink in which £5m Government grant funding for the relocation of its Wolverhampton site is said to have failed to materialise. It also suffered a £1.5m bad debt following the insolvency of an electric vehicles customer in 2023. There were also pressures from a quality issue relating to cabs produced for a key customer that resulted in increased production costs and lost sales. Administrators also talked of burdensome costs related to an electric vehicles contract where volumes had been smaller than expected. Early last year, main lender HSBC brought in insolvency and restructuring specialists Interpath to review the firm's short-term cash flow and by March, work was under way to find a buyer and assess restructuring options. Under significant pressure from creditors, only one offer was made, from the buyers Praetura Commercial Finance and TDC Impact. About £1m of the £2.95m offer was still due to be paid in instalments leading up to September 2025. Documents show that at the time of its administration in September, the group owed trade creditors more than £2m. An overall deficit of £14.4m was also reported. A statement from the administrators at EY said: "The group was acquired out of administration in September 2024, but since then it has unfortunately lost the business of certain key customers. The group’s management team has worked tirelessly to find a viable solution to rescue the business, however, the significant loss of business has severely impacted the group’s future viability. As a result, the directors have determined that they have no option other than to place the group into administration.