EuroWire May 2021

Corporate News

British Steel: £100mn investment for 2021 British Steel is investing £100mn 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 last year, will focus the investment on improving its manufacturing operations and supporting clean growth. The money will help finance projects that 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.”

Jingye CEO Li Huiming

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During its first year as a new business, British Steel achieved operational improvements, launched new products, introduced 24-7 operations at its Teesside and Skinningrove mills and resumed operational control of Immingham Bulk Terminal. British Steel also confirmed plans for CEO Ron Deelen to step down from his role, although he will continue to work closely with the business and Jingye. Mr Deelen

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 will also assume the CEO role. British Steel www.britishsteel.co.uk

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May 2021