Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Marcegaglia Stainless Sheffield to invest £50M in new electric arc furnace, creating 50 jobs

by September 17, 2024
September 17, 2024
Marcegaglia Stainless Sheffield to invest £50M in new electric arc furnace, creating 50 jobs

Marcegaglia Stainless Sheffield will invest £50 million in building a new Electric Arc Furnace (EAF) to upgrade its existing Sheffield site, as confirmed by the Prime Minister in a statement today.

The state-of-the-art EAF, set to be operational by mid-2026, will significantly enhance the plant’s productivity, increasing its annual capacity to over 500,000 tonnes of stainless steel products. This investment will not only improve efficiency and environmental performance but also create 50 new jobs in the region.

The new EAF will replace the current furnace, which has been in place since 1977 and has been instrumental in producing stainless steel by recycling scrap steel. The upgrade, to be carried out by Primetals Technologies, represents a key step in modernising the site’s capabilities and aligning with industry goals for a more sustainable and decarbonised future. Marcegaglia Stainless Sheffield specialises in producing semi-finished stainless steel products, including billets, blooms, slabs, and downstream wire rod and bar products.

Gareth Stace, Director General of UK Steel, welcomed the announcement, stating, “The investment by Marcegaglia Stainless Sheffield to renew its Electric Arc Furnace delivers yet more highly positive news for the UK steel industry. Coupled with the investment agreement for Tata Steel’s Port Talbot site last week, this brings a much-needed injection of funds into the UK steel sector, which will transition it into a more efficient and decarbonised industry.”

Stace also emphasised the need for the government to support these investments by improving the competitive landscape for UK steelmakers. “All that’s needed now to make these investments count is for the Government to deliver the competitive business landscape and level playing field that our steelmakers need for a bright future. A good start to address competitiveness is to increase compensation from network charges on electricity to 90%, up from 60%,” he added.

The announcement of Marcegaglia Stainless Sheffield’s investment reflects broader industry efforts to modernise and reduce carbon emissions, signalling a positive trajectory for the UK’s steel sector. With significant investments and technological advancements, the UK steel industry is poised for a transformation, driven by efficiency, sustainability, and growth.

Read more:
Marcegaglia Stainless Sheffield to invest £50M in new electric arc furnace, creating 50 jobs

0
FacebookTwitterGoogle +Pinterest
previous post
Amazon demands full return to office five days a week starting January
next post
Recent Form and Training Camp Buzz: Factors to Consider When Betting on Boxing

You may also like

What SMEs Need to Know About Branding Online

January 16, 2025

Compass AI Review: Your Personal AI Assistant in...

October 14, 2024

Revolut co-founder warns of British talent exodus amid...

November 30, 2024

Warner Bros confirms huge expansion of Watford studios

September 22, 2023

Why live marketing is more important than ever...

January 27, 2023

HMRC introducing new side hustle tax targets Britons...

January 2, 2024

Top Tips for Sending Money Overseas

August 31, 2022

All You Need To Know About Cryptocurrency

November 11, 2022

What Labour’s Victory Means for Employment Law: A...

July 5, 2024

How Energy Storage Technologies are Empowering Renewable Energy

January 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • America’s Not-So-Secret Secret Police

      August 7, 2025
    • Poll: Nearly 1 in 4 Americans Think They Have a Personal Social Security Account

      August 7, 2025
    • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,185)
    • Politics (16,335)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved