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Steel company Sheffield Forgemasters is cutting up to 100 jobs in another blow for the crisis-hit industry.

The company said reduced activity in the traditional oil and gas sector, slowing growth in the global economy, and an international collapse in steel prices had hit the firm.

These latest job losses in the industry come after Tata Steel this week announced more than 1,000 redundancies.

The Sheffield company said it needed "to restructure the business".

A statement said the cuts were needed so it was "better able to operate in the tough economic environment".

The announcement was made as it published accounts for the 18 months to December 2014, which showed a loss for the first time since a management buyout in 2005, of £9.4m.

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Sheffield Forgemasters chairman Tony Pedder said: "The storm clouds which seem to gather periodically over the steel and steel-related sectors are once again evident.

"Of particular concern has been reduced activity in the traditional oil and gas sector, with oil prices down to a level that is deferring much potential new investment."

"We have been working with our major customers, suppliers and in particular, our secured lender, with whom we have concluded an extension to our financing facility. This will provide adequate funding for the business through to the end of March 2017."

Support needed

Roy Rickhuss, general secretary of the Community union said every sector of the UK steel industry was caught up in the current crisis.

He said: "We keep saying that delays in implementation of support and a lack of swift and decisive action by government only puts more steel jobs at risk."

Harish Patel, Unite's national officer added: "World class companies like Sheffield Forgemasters need urgent support and a level playing field with their international competitors if they are to survive.

"It wasn't that long ago that government ministers pulled the plug on a loan that would have allowed Sheffield Forgemasters to invest in new equipment making it more productive."

A government spokesman said, "We will work with local partners to help anyone made redundant find new jobs as quickly as possible.

"We understand that Sheffield Forgemasters is taking this step to restructure the business to secure its long-term future and welcome the news that its lending facility has been extended."