British Steel secures £50 million facility to expand output and sales

Tuesday, 10 November 2020 17:15:00 (GMT+3)   |   Istanbul
       

UK-based Secure Trust Bank Commercial Finance has provided a £50 million facility to UK-based steelmaker British Steel to support the company’s plans to expand its production and sales over the coming months to maximize its opportunities across the market, according to media reports.

Following British Steel’s acquisition by China’s Jingye Group in March this year, Jingye committed to make the company more competitive and sustainable, as SteelOrbis previously reported. British Steel is currently investing to modernize its plants and improve its performance, including investments in the development of an electric arc furnace in Teesside and the construction of a new power plant at the Scunthorpe site.

Jingye is investing £1.2 billion in the transformation of British Steel.


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