British Steel Ltd. Announces Major Turnaround

In a surprising move, British Steel Ltd., under the ownership of China's Hebei Jingye Group Co. Ltd., has decided to keep two blast furnaces operational in Scunthorpe, UK, effectively ending plans that would have cut up to 2,700 jobs. This decision follows the UK government's swift passage of an emergency bill aimed at securing the company's future.

Stabilizing Operations Post-Government Intervention

"Since the Government passed its legislation, we have been working tirelessly to stabilize our operations. Securing the necessary raw materials for both the Queen Anne and Queen Bess blast furnaces allows us to run them continuously," stated Lisa Coulson, British Steel's interim Chief Commercial Officer.

Short-Term Solutions and Ongoing Operations

The company has successfully ensured a steady supply of raw materials for both furnaces in the short term. All operations, including those at the Scunthorpe Rod Mill, are being maintained without interruption, marking a significant turnaround for British Steel.