British Steel, which was acquired by Jingye Group in March this year, plans to invest in developing new products and modernize its existing plants to improve performance.
To support this purpose, the steelmaker has secured £50mn ($66.2mn) from Secure Trust Bank based in the UK, according to various media reports.
With these acquired funds, British Steel plans develop an electric arc furnace in Teesside, North Yorkshire, and construct a new power plant at its Scunthorpe site to improve the plant’s efficiency.
Jingye’s £1.2bn investment and Secure Trust Bank’s additional funding will allow the company to grow its production and sales volume, at par with its investment plans, it said in a statement.
($1 = £0.75)