British Steel has earmarked £100 million ($139m) for investment in 2021. Among other things, it will build a new billet caster and a scrap pre-heating facility. Ron Deelen is meanwhile stepping down as the firm’s chief executive at the end of March, to be replaced by British Steel president Xijun Cao.

New cranes and a new environmental emission control system will also be installed. “We’re committed to building a long-term future for British Steel and thanks to the hard work and diligence of our new colleagues, the business is now on a more sustainable footing,” says Li Huiming, chief executive of British Steel parent Jingye Group.

During the first year of its relaunch under its new owner, British Steel launched new products, introduced 24-7 operations at its Teesside and Skinningrove mills and resumed operational control of Immingham Bulk Terminal.

“Moving into profitability was a significant milestone for the new business but we’re only at the start of our journey and still have many challenges to overcome, such as the exceptionally high raw material prices,” Huiming observes in a note sent to Kallanish. “However, British Steel is increasing production, reducing costs and growing into new markets, all of which is giving us a stronger platform upon which to build.”

Despite stepping down as ceo, Deelen “will continue to work closely with the business and Jingye”, British Steel observes. “With British Steel back in profit and starting to build a sustainable future, now is the time to pursue a new challenge,” Deelen comments. “Jingye have proven themselves to be caring and responsible owners and I look forward to supporting them, and British Steel, on the next step of their journey together.”