Initiatives include:

• The development of an Electric Arc Furnace in Teesside
• The construction of a new 250 MW power plant to serve the Scunthorpe site. The new plant is expected to be around a third more efficient than that it replaces
• Investment in the rolling mills to produce high-quality steel products to optimise the product portfolio
• Build a new rebar line
• Enhance the current rail mill.

The completion secures the future of approx. 3,200 jobs and follows the agreement of new terms with customers and suppliers.
As previously indicated, assets included in the transaction include British Steel’s steelworks at Scunthorpe and UK mills at Teesside Beam Mill and Skinningrove, as well as subsidiary businesses FN Steel in the Netherlands and TSP Engineering. It does not include British Steel’s French operations at Hayange, the acquisition of which is still subject to further negotiations with the relevant authorities in France and is hoped to be concluded separately.
_{(Source: British Steel)}