Thursday, February 2, 2023

British Steel prepares to commission £54m investment at Scunthorpe

British Steel is preparing to commission its largest single investment since Jingye took over the company – a £54m billet caster, part of investment worth £330 million the company has committed to since 2020.

Other significant investments in this period include:

  • £27 million investment in three new cranes at the company’s Immingham Bulk Terminal. The new machinery uses the latest technical advances in dig depth optimisation to ensure continuous peak performance
  • £14.6 million investment to enhance energy operations including projects to improve the way electricity and process gases are used
  • IT systems upgrade – scheduled to go live in March, this multi-million-pound investment will ensure colleagues, customers and suppliers benefit from the latest information technology

British Steel’s investment strategy is aligned to decarbonisation plans, which will see the embrace of new technology and ways of working to help the drive to reduce emissions and support clean growth.

Xifeng Han, British Steel’s CEO, said: “Steel is vital to modern economies and with demand expected to grow over the coming decades, British Steel has a vital role to play in ensuring the UK has its own supply of high-quality steel. To make sure we can deliver the steel Britain requires, we’re undergoing the biggest transformation in our 130-year history.

“To support the journey to net zero, our owners, Jingye, have invested £330 million in capital projects during their first three years of ownership and they continue to invest unprecedented sums of money in British Steel.

“Jingye is committed to our long-term future but we also require the UK Government to provide the necessary support, policies and frameworks to back our drive to become a clean, green and sustainable company.

“We’re continuing formal talks with the government about decarbonisation, along with the global challenges we currently face. The government understands the significant impact the economic slowdown, rising inflation and exceptionally high energy and carbon prices are having on businesses like ours, particularly during such a key period in our transformation.

“British Steel can play a significant role in the UK’s economic recovery and we look forward to working with the government and to making the home-made steel Britain needs for generations to come.”

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