British Steel workers share in the company's success

The firm, which was bought from Tata Steel exactly a year ago for £1, managed to turn a £79m loss last year into a £47m profit in the year to March 31British Steel said the 3 per cent salary sacrifice that workers agreed to after the buyout has now ended.Unions welcomed the news.Paul McBean, Scunthorpe multi-union chairman said: “The share scheme and reinstatement of employees’ full salaries are both deserved and welcomed.”British Steel’s CEO Peter Bernscher said: “British Steel has achieved a remarkable turnaround but this is just the beginning.“Everybody wants to do business with us again.“Everyone wants to come to work, which was not there before.” The company, which is now owned by investment firm Greybull Capital, employs 3,000 workers in Scunthorpe and has a site in Skinningrove in North Yorkshire.The group managed to increase profits despite a 44 per cent increase in the cost of raw materials including coal.500 new employees have joined the group since June 2016, with 50 starting this month.British Steel, which '‹'‹'‹s'‹upplied all the rail for the huge Crossrail project in London'‹, said its focus for the coming year will be on increasing steelmaking capability and improving the quality of products.Executive chairman Roland Junck said: “The transformation in this business is remarkable and that is down to our remarkable people who have embraced, engineered and led change.“They are the reason we can today reveal the best financial performance in the long products business since 2007 and they are the reason I have great optimism for the future of British Steel.“I’m delighted to be able to confirm that our employees will return to full pay today having sacrificed 3 per cent of their salary to make last year’s sale and the turnaround plan possible.“In 12 months we have started transforming from an inward-looking production hub into a profitable, more agile business by controlling costs, improving our product range and quality, and through strategic investments.”Asked whether the group will be hit by Brexit, Mr Bernscher said: “I think we have to focus on our own business. “Whatever the outcome we will adapt our position to the outcome.” Mr Junck said it was too early to say what British Steel will do if the UK leaves the EU without a deal.“You should only worry about the things you can influence,” he said.“We cannot be immobilised by fear or speculation.”British Steel’s managing director Paul Martin added: “We need to focus on the short term given that Brexit is two years away.”Mr Junck said that after significant capital investment, the group made a small net profit.“Although it hasn’t been easy an entrepreneurial spirit is starting to flow through British Steel - it means we are fast becoming the efficient, customer-focused business we need to be,” he said.“As we look to further grow the business it is important our employees, who have played such a vital role in the successful implementation of the turnaround plan, should share in our future success.“I’m therefore delighted to set out the employee share scheme, an almost unique initiative in our industry to recognise their contribution.”Union spokesman Paul McBean said Britain needs a thriving steel industry.“That’s what we’re intent on delivering and that’s what the new Government must support because today’s news isn’t mission accomplished,” he said.“I’m pleased to see British Steel is continuing to make the significant capital investments this business needs but people should be in no doubt, a lot of hard work lies ahead.”