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Reborn British Steel Returns to Profit as Turnaround Takes Shape

British Steel SiteBritish Steel has ended its latest quarter in profit following its first seven months of independence after the former Tata Steel UK division was acquired by Greybull Capital.

The group, formerly Tata's Long Products Europe business, said it started the new year in a strong position to execute the next stage of its turnaround plan.

Alongside positive financial results quarter-on-quarter and generating cash to sustain further development and investment, British Steel said it was planning to reinstate, in June 2017, the 3 per cent salary sacrifice that was implemented in June 2016.

The company, launched on 1 June 2016, said it remained on track to build a business capable of achieving sustainable growth.

British Steel executive chairman Roland Junck said: "I'm pleased to report that after our first seven months of trading, we are building on our promising start to life as British Steel.

"Having implemented the first stage of our turnaround plan, returning the business to profit and putting it on a sustainable footing, we are now well positioned to implement the next stage of the plan.

"This will be focused on ensuring tactical growth of both our business and brand which we see as crucial next steps in our strategy. We're already making good progress with significant contract awards from both new and existing customers across the globe.

"A vital part of maintaining our momentum and building on our success to date is our investment for the future – in our people and our plant. We are totally committed to becoming more energy efficient and further improving the quality of our products to ensure they meet the exacting and changing demands of our customers."

For more information please contact Tata Steel on 020 7717 4444 or visit www.tatasteeleurope.com/en.

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