British Steel’s turnaround continues as it posts profits of £21m and looks to push into new markets
British Steel has posted profits of £21million for the quarter as its turnaround continues
British Steel has posted profits of £21million for the quarter as its turnaround continues.
The Scunthorpe steelworks owner was bought by Greybull Capital from Tata Steel for a symbolic £1 when close to collapse amid the steel crisis in 2016.
It swung back into profit last year and has continued to grow.
Profits were dented by the £48million cost of repairing a blast furnace, although it is pursuing an insurance claim.
It now plans to invest £600million over five years and push into new markets as it battles President Donald Trump’s 25per cent tariff on steel imports into the US.