Optimism for future of steel industry

Posted on 11 Sep 2019 and read 371 times
Optimism for future of steel industryBusiness Secretary Andrea Leadsom says there is cause for optimism for the future of the steel industry.

Writing in the Scunthorpe Telegraph recently, she said: “The UK has been producing world-class steel since the 19th century; it is a key part of our national heritage.

"From Scunthorpe to Sheffield, steel remains vital to our country’s manufacturing reputation. That is why the decision by the Official Receiver to progress an offer on the sale of British Steel is a positive step towards a secure future for the company.

“In my first week as Business Secretary, I visited the vast and impressive steelworks at Scunthorpe, seeing the dedication of British Steel’s workforce first-hand.

“It has clearly been a worrying and difficult time, and I was struck by the unwavering commitment to securing a future for the company.

“Their tenacity, hard work and dedication has helped ensure that operations continue, orders are met, and production not only maintained but increased since the company entered insolvency.

“British Steel plays a central role in the lives of communities across Scunthorpe, Skinningrove and on Teesside.

“I know — and have heard first-hand — what a devastating blow it would be if steel making were to end there.

“That is why our ‘Support Group’ includes local MPs, local leaders and unions, as well as the company itself and its suppliers.

“Working constructively together has been a key factor in helping secure bids.

“The Government and everyone involved have left no stone unturned in their efforts to support a sale for the whole company, and as many will know, the preferred buyer of British Steel was confirmed by the Official Receiver as Ataer Holding (the Turkish pension fund).

“Ataer are not new to steel, being the largest shareholder in Erdermir — Turkey’s largest flat steel producer, which in the first three months of this year alone produced 2.4 million tonnes of steel and a profit of $186 million.

“When it comes to British Steel, Ataer has publicly stated that if this process is successful, its priority will be to increase production capacity and invest in clean steel production.”

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