British Steel set to get back in the black

BRITISH STEEL, the new home of the former Tata Steel Long Products division, is on track to return to profit in the year ending 31 March.

The company said that its turnaround plans, launched when it incorporated the business on 1 June 2016, were well underway 100 days into being an independent company.

Greybull Capital acquired Tata’s Long Products Europe division in Scunthorpe as well as sites in  Teesside, Workington and York for £1 in April.

Now, it says it has employed a further 270 people and completed just over £50m in capital investments to improve infrastructure.

British Steel’s executive chairman Roland Junck said: “I am delighted to be able to announce that we have hit our performance targets and returned the business to profitability in our first 100 days as an independent company.

“These results are testament to the hard work of our employees and their determination to implement the turnaround plan.

“I believe we are now better placed to capitalise on our strong heritage, vastly experienced and skilled workforce and world-class products. The transformation of our business will make sure we maintain the pace of growth and move forward as an outward-looking profit-making business. But while our future remains firmly in our hands, the UK steel industry still faces many challenges.”

Earlier this week it was announced that a possible £100m deal for Tata’s Rotherham and Stocksbridge sites was in the offing, with Liberty House the key bidder.

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