Sheffield Forgemasters, the UK's largest independent steel maker, is axing up to 100 jobs as the crisis engulfing Britain's steel industry deepens.
It comes two days after Tata Steel, the UK's largest steel maker, said it would cut 1,050 jobs, mostly at Port Talbot in South Wales.
"This is undoubtedly a long period of industry contraction, with major recovery seemingly still some way in the future," Sheffield Forgemasters chief executive, Graham Honeyman, said.
The job losses were announced as it published accounts for the 18 months to December 2014, showing a loss for the first time since a management buyout in 2005.
Gareth Stace, director of UK Steel, said: "These significant job losses highlight that there isn’t an area of steel that is off limits to the mix of extreme pressures the sector is facing."
"Government must act to ensure no further highly skilled jobs are lost."
Falling prices, rising energy costs and a strong pound has thrown the UK steel industry into crisis. Steel companies have made tough decisions to cut costs, with around a quarter of the sector's workforce being axed since October.
This has heaped pressure on the government to take action to help the industry.
Despite the government pledging to support the industry, business secretary Sajid Javid admitted “there are limits to what we can do for the steel industry”.