British Steel investing £100M to improve manufacturing and environmental performance
British Steel has announced that it has returned to profit after being brought out of liquidation by Jingye Group 12 months ago, and it will invest up to £100M to improve its manufacturing operations and support clean growth.
Projects the money will help finance include a new billet caster, a scrap pre-heating facility, cranes and a new environmental emission control system.
Jingye Group CEO Li Huiming said: “We’re committed to building a long-term future for British Steel and thanks to the hard work and diligence of our new colleagues, the business is now on a more sustainable footing.
“Their skill and dedication has enabled British Steel to maintain safe iron and steel production throughout the pandemic, ensuring customers’ requirements were – and continue to be – fulfilled. I’m extremely grateful for their efforts, and for the way they’ve embraced and driven change during a challenging period for everyone, both personally and professionally.
“British Steel’s people and products are the reason Jingye is investing with such confidence.”
During its first year as a new business, British Steel said it has achieved significant operational improvements, launched new products, introduced 24-7 operations at its Teesside and Skinningrove mills and resumed operational control of Immingham Bulk Terminal.
Mr Li said: “Moving into profitability was a significant milestone for the new business but we’re only at the start of our journey and still have many challenges to overcome, such as the exceptionally high raw material prices.
“However, British Steel is increasing production, reducing costs and growing into new markets, all of which is giving us a stronger platform upon which to build. We’re optimistic for the future and I’d like to thank customers, suppliers and stakeholders for their continued support.