British Steel CEO Mr Ron Deelen to Resign
Financial Times, citing people familiar with the matter, reported that British Steel Chief Executive Officer Mr Ron Deelen will retire from the second-largest UK steelmaker at the end of the month to pursue new plans and British Steel President Mr Xijun Cao would also assume the role of chief executive from April
The Dutchman became acting CEO of British Steel when it entered liquidation in 2019, with the appointment made permanent following its acquisition by Jingye Group in March 2020. Prior to that, he was Board member CMO since January 2018. Befor that he was CEO of FNsteel
British Steel is a fully integrated steel producer with about 4,000 employees and revenues of GBP 1.5 billion. Jingye has pledged to invest GBP 1.2 billion to place the business on a more competitive and sustainable footing. Jingye plans to return the company to industry comparable margins within five years.
Jingye Group was formed in 1988 and specialises in the production of steel bar, plate and coil products. The company operates 18 blast furnaces, producing 15 million tonnes of steel annually and exports to 80 countries around the world. Based in the Hebei province in China, Jingye had total sales of RMB 90.1 billion and employs 23,500 people. It also has operations in chemicals, hotels, real estate, and trade.