ao link
Filter content by area of interest
Handling Equipment/Systems
Ports & Terminals
Transport & Distribution
Materials & Commodities
Storage
Processing
ICT & Telecoms
Civil Engineering
Mining
Environment
Safety & Security
Business
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing this article with our compliments. 


register  or  login  to manage your newsletter preferences and to prevent this message from appearing.

British Steel investing £100M to improve performance

British Steel has announced that it is investing £100M this year to support the next stage of its transformation.

Linked InTwitterFacebookeCard
Jingye Group CEO Li Huiming at British Steel in Scunthorpe
Jingye Group CEO Li Huiming at British Steel in Scunthorpe

The company, which has returned to profit after being brought out of liquidation by Jingye Group 12 months ago, said it will focus the investment on improving its manufacturing operations and supporting 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.

 

“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,” said Li Huiming, group CEO of Jingye.

 

“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 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.

 

Li added: “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.”

 

British Steel has also confirmed that its CEO, Ron Deelen, will step-down from his role at the end of March this year, although he will continue to work closely with the business and Jingye.

 

Li commented: “Ron has been an important and valued member of our team during the last year and we’re extremely grateful for his leadership throughout the sales process and beyond. I look forward to us continuing to work together on the ambitious plans for British Steel.”

 

Deelen said: “With British Steel back in profit and starting to build a sustainable future, now is the time to pursue a new challenge. Jingye have proven themselves to be caring and responsible owners and I look forward to supporting them, and British Steel, on the next step of their journey together.”

 

British Steel President Xijun Cao, who will also assume the CEO role at the beginning of April, said: “I’m honoured to be leading the next stage of British Steel’s transformation and look forward to helping my colleagues build on their achievements during the last 12 months.”

 

Linked InTwitterFacebookeCard

You may also like these related articles...

BAMIN wins bid to operate FIOL railway in Brazil

Bedeschi begins new cement project in Poland

Large rice vessel operation in Ipswich port

Bulk transhipper breaks size record in UAE

Tilbury Grain Terminal silo rebuild begins

Lockdown milestone for Port of Ipswich

Linked In
Twitter