A South Yorkshire-based steel company is pumping more than £60m into its operations in order to double its production.
LIBERTY Steel, part of the GFG Alliance, has committed to a programme of new investments at its GREENSTEEL production hub in Rotherham to supply the transport, defence, and construction sectors.
This forms part of the UK Government’s “Build Back Better” plan.
The business says the money will remove production bottlenecks at its electric arc furnace (N-Furnace) and small bloom caster in Rotherham, helping it increase existing steel output to one million tonnes per annum (mtpa).
It will launch a public tender to upgrade its N-Furnace for increased scrap steel melting, make upgrades to Thrybergh Bar Mill and install a new Rod Block to produce wire rod and de-bar in coil.
Investment in digital manufacturing can turn the UK, and the Midlands in particular, into a science and engineering superpower, according to Manufacturing Confidence – a report by the Midlands Manufacturing Resilience Commission (M2R)
Digital industrialisation could be worth as much as £455 billion to the UK’s economy over the next decade. In addition, the UK manufacturing sector could grow by up to three per cent a year and create 175,000 jobs if the country’s industry embraces emerging technologies.
However, the report warns that the country is currently failing to capitalise on this opportunity as productivity falls behind other nations.