British Steel signs one of biggest ever export orders
British Steel has signed one of its largest ever export orders with a Nigerian firm, which is a major boost for its employees.
The Scunthorpe plant will start producing 120,000 tonnes of steel in a £70m deal to help modernise two ports in Nigeria.
It is one of the company’s largest orders for billet, which is semi-finished steel that will be used for construction materials.
British Steel says that it will be increasing production at the Scunthorpe site.
CEO Allan Bell said: “This is a record-breaking contract for British Steel and a major boost
to our 4,000 employees and many more people in our supply chains.
“After government intervention last April, everyone at British Steel has worked hard to stabilise the company.
“This deal represents us moving from stabilisation to building long-term sustainability for the business.
“As one of the largest ever orders for billet in the history of this company, it marks a tremendous vote of confidence in British Steel and UK manufacturing.”
This was announced on the same day that the Government unveiled its new steel strategy, which sets out an ambition for half of the steel used in the UK to be produced domestically.
It is also set to impose strict quotas on foreign imports from July 1. Any steel coming into the UK above this level, that has increased by 60 per cent, will be subject to a new 50 per cent tariff.