UK-based steelmaker British Steel has announced that it is investing £80 million to enhance its product range and improve operational and environmental performance.
£48 million of the investment is for financing the installation of a new billet caster at the company’s Scunthorpe site and £32 million of the investment is being used to upgrade Scunthorpe Rod Mill. The further investments are being made at the company’s Netherlands-based subsidiary FN Steel.
The new billet caster, which is expected to be commissioned at the end of the year, will produce billets with a higher standard, enabling the company to increase capacity and product range, and grow into new markets.
Once the upgrade of Scunthorpe Rod Mill is complete, the company’s wire rod offering will have a much-improved surface quality with an extended product range with diameters up to 28 mm. The new equipment is expected to be commissioned in 2023.
The company will implement a multi-phase plan at FN Steel that will significantly enhance its customer service and product offering. This includes a new coil warehouse and billet storage area.
