British Steel to cut workforce to ensure long-term growth of business

Friday, 14 September 2018 17:43:58 (GMT+3)   |   Istanbul

UK-based premium steel manufacturer British Steel has announced that, in order to secure a sustainable future as part of its ongoing transformation, which has already seen it commit £170 million to improving its manufacturing operations during its first three years, it will cut 400 managerial, professional and administrative jobs at its operations throughout the UK, Ireland, France and the Netherlands, while it will continue to improve manufacturing performance and increase turnover through strong sales. No closures are being considered as part of the process.

The company stated that it remains committed to making significant investments in its core products - rail, wire rod, construction and special profiles - along with its iron and steelmaking operations.

Gerald Reichmann, British Steel’s chief financial officer, stated that they have made a strong start to life as British Steel but the external environment is constantly changing. For example, raw materials are all traded in US dollars, so the weakening of the pound and euro has implications for the company, Mr. Reichmann said, and added that like any business they need to be able to be flexible and adapt to these changes.

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