- About us
- IBJ Awards
- Free Sample
- Contact us
British Steel to invest £100m this year
(Posted on 17/03/21)
British Steel has announced that it is investing £100m this year 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.
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 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.
CEO 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.”
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.
CEO Li said: “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.”
Ron 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.”
U.S. Borax first open pit mine to transition to renewable diesel(Posted on 05/06/23)
Rio Tinto has successfully completed the full transition of its heavy machinery from fossil diesel to... Read more
Rio Tinto to invest in Pilbara desalination plant(Posted on 02/06/23)
Rio Tinto plans to invest US$395 million1 in a seawater desalination plant in the Pilbara, Western Australia... Read more
BHP and Microsoft use AI to lift Escondida copper recovery(Posted on 31/05/23)
A new collaboration between BHP and Microsoft has used artificial intelligence and machine learning... Read more
Alliance to support U.S. farmers in transition to lower-carbon agriculture(Posted on 23/05/23)
Bunge and Nutrien Ag Solutions, the retail division of Nutrien Ltd. have announced a strategic alliance... Read more
Vale ships its first cargo of briquettes for blast furnace test(Posted on 17/05/23)
Vale has concluded the shipment of its first cargo of iron ore briquettes to be tested in a blast furnace... Read more
UK agri welcomes government decision to drop retained EU law plans(Posted on 12/05/23)
The UK Government's decision to abandon plans to review all EU-derived legislation by the end of 2023... Read more
USA’s NGFA supports proposal to remove ‘Soybeans of Other Colors’(Posted on 08/05/23)
The USA’s National Grain and Feed Association (NGFA) and 42 other agricultural groups have expressed... Read more
BHP completes OZ Minerals acquisition(Posted on 02/05/23)
BHP has announced the completion of the OZ Minerals acquisition and implementation of the scheme of... Read more
ADM Milling project maps carbon emissions in wheat supply chain(Posted on 02/05/23)
ADM, global leader in nutrition, and one of the leading flour millers in the UK, has for the first time... Read more
US Soy growers ask House Ag Committee to help protect crop insurance(Posted on 28/04/23)
Speaking on behalf of the American Soybean Association and his fellow soy growers, ASA President Daryl... Read more