The Scunthorpe steelworks that was haemorrhaging losses of up to £2 million a week last summer will more than break even this financial year and is expected to turn a profit of £120 million next year.
That is the forecast of the industry veteran leading the business — now rebranded British Steel — following last summer’s sale of Britain’s second largest blast furnace complex for just £1 by Tata Steel to the London finance house Greybull Capital.
Roland Junck, the former chief executive of European giant Arcelor Mittal, who is executive chairman of the Scunthorpe plant and associated operations, said that the business was looking at a turnaround of at least £200 million in its fortunes under new management.
Scunthorpe, second only to Port Talbot