Steel News – Early April 2024
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British Steel has been granted planning permission to build an Electric Arc Furnace at its Teesside plant – a key milestone in its £1.25bn decarbonisation plan.
The company’s application was approved by Redcar and Cleveland Borough Council following a detailed consultation period.
Its application to build another Electric Arc Furnace (EAF), at its Scunthorpe site, is set to be decided imminently by North Lincolnshire Council.
The manufacturer’s proposed transformation – its biggest in more than a century of steelmaking – is subject to appropriate support from the UK Government.
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Liberty Steel Group has unveiled a strategic plan for its UK steel assets after signing a new framework agreement with its major creditors.
It follows Liberty raising fresh capital, including a $350m bond issue by its InfraBuild business, Australia’s leading recycling and low carbon steel producer, through Jefferies LLC and a $350m Asset-Backed Term Loan through BlackRock and Silver Point Finance.
Liberty Steel’s UK operations have since October 2021 been supported by £210m loss funding from the group’s shareholder to maintain employment, operations, and growth potential.
Liberty is part of tycoon Sanjeev Gupta’s GFG Alliance and has operations across the country including in Rotherham, Stocksbridge, Scunthorpe, and West Bromwich,
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British Steel has secured a deal to supply rail track for a new, fully electrified route in north Africa, the company has announced.
The contract will see about 9,500 tonnes of track produced in Scunthorpe for Egypt’s Green Line railway, between the Red Sea and the Mediterranean.
British Steel said it was “a multimillion-pound” contract.
It comes following protests in February over proposed job cuts, with plans to close its blast furnaces in the town.
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