British Steel to axe almost 1 in 10 jobs

Steelmaker blames weak pound and euro but pledges not to close plants

British Steel is cutting 400 jobs at its sites in the UK and elsewhere in Europe as it blamed a weak pound and euro for driving up costs.

The firm said it was shedding almost 10% of its 5,000-strong workforce in a bid to "streamline" its operations and secure a long-term future.

Related: British Steel plans 400 job cuts and blames weak pound - business live