Chinese-owned British Steel said on Wednesday it plans to close its coke ovens, a move that could result in 260 job losses at its Scunthorpe site in northern England, partly "to overcome global economic challenges."

"Decisive action is required because of the unprecedented rise in operating costs, surging inflation and the need to improve environmental performance," the company, which is owned by China's Jingye Group, said in a statement. (Reporting by Muvija M; editing by William James)