British Steel has today announced that it has started work on £80 million of investments to enhance its product range and improve operational and environmental performance. The bulk of the investment – £48 million – is financing the installation of a new billet caster at the company’s Scunthorpe site. At the same time, its Scunthorpe Rod Mill is being given a £32 million upgrade.
Alun Davies, National Officer for Community the steelworkers’ union, said:
“These major investments are fantastic news for the workforce, Scunthorpe and British Steel. A strong and green steel industry is crucial to Britain’s economic security, and for supporting tens of thousands of jobs and steel communities across the UK. It’s great to see British Steel investing, now government must play it’s part through delivering competitive energy prices and a fair trading environment.”
Xifeng Han, CEO of British Steel, said:
“This is an incredibly exciting time for our business with unprecedented levels of investment – fuelled by the drive of our employees – powering us towards a sustainable future.
While we’re still in the early stages of our transformation, these projects are a major step forward for British Steel and our customers. The new technology and manufacturing capabilities will significantly enhance our product range and deliver improved operational performance and efficiencies.
Steel is vital to modern economies and investments like these will ensure we keep delivering the steel our customers and the world need while playing a central role in transitioning to a low-carbon, circular economy.”