Jingye Investing to Transform British Steel
British Steel announced that it is investing GBP 100 million in 2021 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 Mr 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 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.”
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.”
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.