British Steel Ltd. Announces Major Turnaround

In a significant reversal, British Steel Ltd., under the ownership of China's Hebei Jingye Group Co. Ltd., has decided to keep its two blast furnaces in Scunthorpe, UK, operational. This decision effectively ends the redundancy consultation that threatened up to 2,700 jobs. The move comes shortly after the UK government enacted an emergency bill to take control of the company, showcasing a swift response to safeguard the steel industry.

Stabilizing Operations Post-Government Intervention

"Since the Government passed its legislation, we have been working tirelessly to stabilize our operations," stated Lisa Coulson, British Steel's interim Chief Commercial Officer. The company has successfully secured a steady supply of raw materials for both the Queen Anne and Queen Bess blast furnaces, enabling continuous operation. Coulson emphasized the round-the-clock efforts that made this turnaround possible.

Short-Term Solutions and Ongoing Operations

British Steel has assured that all operations, including the Scunthorpe Rod Mill, will continue as normal. While the supply of raw materials is secured for the short term, the company's statement hints at the ongoing challenges and the need for long-term solutions to ensure sustainability and job security in the UK's steel sector.