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, and halt plans to cut up to 2,700 jobs. This decision follows the UK government's swift action to pass an emergency bill to take control of the company earlier this month.

Stabilizing Operations Post-Government Intervention

"Since the Government passed its legislation, we have been working day and night to ensure we are able to stabilise our operations. The work done to secure the raw materials we need for both Queen Anne and Queen Bess blast furnaces means we are able to run both continuously," stated Lisa Coulson, British Steel's interim Chief Commercial Officer.

Securing the Future, Short-Term

The company has successfully secured a steady supply of raw materials for both furnaces, albeit "for the short term." Operations across British Steel, including the Scunthorpe Rod Mill, continue without interruption, marking a significant turnaround from the previously announced closures and job cuts.