UK-based premium steel manufacturer British Steel has announced that it has signed a share purchase agreement for the acquisition of the Netherlands-based premium wire rod manufacturer FNsteel.
British Steel’s CEO Peter Bernscher stated that the acquisition would complement British Steel’s current capabilities as FNsteel makes different specifications of wire rod to those it manufactures in its Scunthorpe site in the UK, therefore enabling it to improve and enhance its value chain and customer offering.
FNsteel employs nearly 300 people at its wire rod mill in Alblasserdam and has an annual turnover of £133 million. The company manufactures wire rod in a diameter range of 5.5-30 mm and is a respected supplier of highly specialized products to the European automotive, construction and engineering industries.