UK-based premium steel manufacturer British Steel has announced that it will invest £50 million (€56 million) in its wire rod mill in Scunthorpe, UK.
The company stated that the investment will significantly improve the quality and range of wire rod, enabling it to grow in current markets and enter new ones - inside and outside the UK.
As part of the investment project, UK-based plantmaker Primetals will supply a new modern wire rod line for the company. Work is scheduled to start this summer and the new operation is set to be commissioned in autumn 2019.
Paul Martin, British Steel deputy CEO, stated that this investment will increase the company’s ability to serve the domestic market, allow it to become a more competitive exporter and accelerate its growth.