2023-11-06 19:25:00
The group says it wants to install “two electric arc furnaces – the first at its head office in Scunthorpe, the second at its manufacturing site” in the Teesside region (north-east), as part of an investment plan of 1.25 billion pounds (1.44 billion euros), the company announced in a press release.
“The new furnaces might be operational by the end of 2025 and would replace Scunthorpe’s aging steel facilities, responsible for the vast majority of the company’s CO2 emissions,” argues British Steel, which “proposes to maintain current operations” in the meantime.
British Steel “has started preliminary negotiations with the unions (…) and has promised to support the employees concerned”, specified the group, without quantifying the number of these employees. For several weeks, the British press has been reporting up to 2,000 job cuts.
Jingye “has already invested 330 million pounds in British Steel in just 3 years and is committed to making the unprecedented investment that our proposals require,” argued Xijun Cao, CEO of British Steel.
Former British flagship, in difficulties for years, British Steel was saved from bankruptcy by Jingye in 2020.
Britain’s second largest steel producer employs around 4,500 people in the UK.
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