British Steel invests GBP 100 million to support its transformation
British Steel announced that it is investing GBP 100 million in 2021 to support the next stage of its transformation. The company, which has returned to profit after being brought out of liquidation by Jingye Group 12 months ago, will focus the investment on improving its manufacturing operations and supporting clean growth.
The money will help finance projects that include a new billet caster, a scrap pre-heating facility, cranes and a new environmental emission control system.
Jingye Group CEO Mr 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 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.”