British Steel Confirms Change of Guard
British Steel has confirmed that its CEO Mr 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. British Steel President Mr Xijun Cao will also assume the CEO role at the beginning of April. Jingye Group CEO Mr Li Huiming 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.”
Mr 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 they to be caring and responsible owners and I look forward to supporting them, and British Steel, on the next step of their journey together.”
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. Before 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.