Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

British Steel is developing new products as part of its fresh approach to supporting economic recovery in the UK. 


The company is also adopting new working methods, entering more markets, and benefiting from its assets to reform the plant and improve performance, Ron Deelen, chief executive officer of British Steel said in a company update.


This announcement comes six months after the business was bought by Chinese multi-industrial iron and steelmaker Jingye. The planned date for product commencement regarding the UK infrastructure initiative was not provided in the update.


The UK manufacturer said it maintained its production levels despite obstacles brought on by the COVID-19 pandemic and has continued with its steelmaking, rolling mill, and iron production. British Steel has a yearly crude steel production capacity of 4.5mn mt and produced 2.8mn mt of steel in 2018.


Britain requires manufacturing to be sustainable, Deelen said, and the steelmaker intends to play a vital role in large infrastructure plans, such as the high-speed rail project that needs high volumes of rail and construction steel.


The UK produces 7.3mn mt of steel per annum which is about 65pc of its yearly requirement. For every 1,000mt of steel output, 960mt is recycled and about 10 jobs are created, according to the UK Steel Charter data.

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