Liberty Steel plans to cut 355 UK jobs in response to "challenging market conditions", the company said.
The company said it would consult with unions over a proposal to cut around 280 jobs at a plant in Stocksbridge, South Yorkshire and 70 in Newport, south Wales.
It said that following a review it had decided to reduce the workforce at certain locations in order to make them sustainable for the long term.
Liberty, led by tycoon Sanjeev Gupta, acquired its plant in Stocksbridge as part of a £100m deal with Tata Steel in 2017, after the Indian conglomerate put its UK business up for sale.
The Newport plant was a previously mothballed site bought by Liberty in 2013, where it resumed production in 2015.
They were among a string of acquisitions made by Liberty at a time when the UK steel industry was facing a crisis that saw thousands of jobs cut – blamed on pressure from cheap Chinese imports.
(c) Sky News 2020: Liberty Steel to axe 355 jobs amid ‘challenging market conditions’