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One industry source told me modern electric furnaces could have a price tag as as much as £3bn each, and Scunthorpe might need two.

The new electric furnace will have ultra-low emissions if the energy supply comes from renewable sources.

Tata has closed its two coal-fired blast furnaces and is to replace them with an electric furnace that will need fewer workers.

Future steelmaking in Port Talbot will rely on imports until an electric furnace, which melts scrap steel, is built.

But they could not convince Tata to keep its two blast furnaces open until the new electric furnace is built.