British Metal has introduced a £50m improve of its Scunthorpe rod mill.
The corporate, based mostly within the North Lincolnshire city, stated it was the “greatest single funding in its manufacturing operations for a decade”.
Work on the Scunthorpe web site is because of begin this summer time and the brand new operation is ready to be prepared by autumn 2019, the corporate stated.
It’s also investing an extra £40m throughout the enterprise.
Extra News from East Yorkshire and northern Lincolnshire
The enterprise was bought off Tata in 2016 for £1 by Greybull, a UK-based funding agency, and renamed British Metal.
British Metal govt chairman Roland Junck stated: “Our order e book is robust and we have the capability and functionality to play a major function in main infrastructure tasks comparable to HS2 and the Heathrow growth.”
Nonetheless, elevated uncooked materials prices and fluctuating metal costs had been a problem, he stated.
Mr Junck additionally known as for motion to forestall the dumping of low cost metal into Europe following metal tariffs imposed by the US.
Paul McBean, the multi-union chairman on the Scunthorpe web site, stated: “The rod mill funding is a improbable second birthday current for British Metal.
“Whereas we nonetheless have a protracted solution to go, investments of this scale exhibit the good optimism flowing via this firm.”
British Metal additionally has websites in Cumbria, North Yorkshire, Teesside and France.
The agency produces greater than 2.eight million tonnes of metal annually.