British Steel. 50 million Pounds investment to modernize the wire rod industry
British Steel, which has its headquarters in Scunthorpe, England, is going to invest in the modernization of the wire rod industry. The plan involves a total investment of 50 million Pounds (around 56 million Euro). The goal is to significantly improve the production of wire rod, in terms of quality and variety, in order to grow in current markets and enter new markets, inside and outside the UK.
To enhance the level of manufacture, the plan involves the construction of a new and modern wire rod production line. Primetals designed the new production line, which will be installed in the current factory and should start operating in autumn 2019. In the transition phase, the current wire rod production plant and its 300 employees, will continue to operate normally.
Modernization and quality in the words of Paul Martin
Paul Martin, deputy chief executive officer (Deputy CEO) of British Steel commented on the plan. «The modernization of the plant will ensure that the name British Steel remains synonymous with quality, innovation, and product development. In the wire rod sector, we have a growing order book and this investment will allow us to continue on this path, guaranteeing the minors tolerances and the best surface characteristics required by customers, especially in the automotive sector».
Thanks to the new plant, in fact, it will be possible to produce a wider variety of wire rod sizes (up to 28 mm). At the same time, tolerances will be tighter, and the surface finish and microstructural properties of the product will improve. Among the wide variety of applications of the wire rod, there are tire reinforcement wires, springs for beds, moorings for oil rigs and bridge support cables. It is also used in clasps, nuts and bolts, car shock absorbers and more.
«This is a very important investment for the future of the company. It demonstrates our commitment to offering customers a better steel and greater variety and quality in the products. This will not only increase our ability to serve the domestic market, but it will also allow us to become more competitive exporters and accelerate the growth of British Steel in line with our corporate strategy».
FNsteel and other investments
This is not the only British Steel’s recent investment. In fact, it arrives after the £ 120 million that the company has already allocated to other major projects, and eight months after the purchase of FNsteel, the leading producer of wire rod in the Netherlands. «By continuing to make investments of this kind and by acquiring complementary companies like FNsteel, we aim to become the preferred steel supplier for an increasing number of companies all over the world», says Martin.
Wire rod is fundamental in everyday life, says Richard Sims
Richard Sims, general manager of wire rod (Managing Director Wire Rod) of British Steel, states: «Our wire rod plays a fundamental role in everyday life. We find it in the car or on the bus we take to go to work up to the bed we go to sleep in. It is one of the most versatile products available today, so this investment will bring significant improvements not only to our customers but also to hundreds of millions of end users. This investment is also very important for our employees, whose expertise and dedication to customer satisfaction allows us to think about the future with great confidence. We look forward to starting this new production line and growing in the new markets to which this investment will allow us to access».