In order to expand its product line and enhance operational and environmental performance, British Steel has started operations with GBP 80 million ($96.6 million). At the company's Scunthorpe location, the majority of the investment will go toward installing a new billet caster.
The declaration follows British Steel's recent announcement that it was researching the viability of using green hydrogen as a fuel source. Danieli is installing the new billet caster, which will create lengths of semi-finished steel known as billets, and it is anticipated to be operational by the end of the year. It will enable the business to expand into new markets while increasing its capacity.
At the Scunthorpe Rod plant of British Steel, work is also being done to install cutting-edge plant machinery to significantly increase engineering capabilities. The plan was shelved but is now being restarted under new British Steel ownership as part of a GBP 50 million ($60.3 million) investment that was announced in 2018.
In 2023, the new equipment will be installed and the factory layout will be changed. Additional funding is also provided for initiatives at FN Steel, which will also receive new billets from the caster. This is a crucial component of the business's innovation strategy because it enables them to decrease customer lead times and satisfy rising demand. They will also be able to offer products that weren't previously available, like light drawing wire, thanks to the new line, which is anticipated to be put into operation later this year.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.