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

Reform UK urges energy industry to abandon net...

August 9, 2025

Sainsbury’s boss and retail union warn 17,000 shops...

August 12, 2024

Rachel Reeves embarks on New York mission to...

July 23, 2024

IRIS Audio Technologies raises $7m to drive growth...

April 27, 2023

Elon Musk to buy Twitter for original offer...

October 5, 2022

Google to unveil Bard a direct competitor to...

February 7, 2023

UK faces net zero crisis unless full hybrids...

January 5, 2025

Expert View: Simply Contact’s John Cole On the...

May 13, 2025

Majority of UK SMEs abandon international expansion plans...

April 25, 2023

List of Magento SEO Best Practises

August 21, 2023

    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

    • Octopus Energy founder Greg Jackson appointed to UK government advisory board

      August 29, 2025
    • Clarkson’s Farm credited with surge in agricultural college applications

      August 29, 2025
    • Helix Law uses AI to take on Metro Bank in $20m copyright case

      August 29, 2025
    • Small Business Saturday UK roadshow to tour 23 towns and cities this autumn

      August 29, 2025
    • UK seen as top destination for tech growth ahead of US, Europe and APAC, says Barclays

      August 29, 2025
    • Bipartisan fury at CDC: Senators demand probe, reject vaccine guidance as illegitimate

      August 28, 2025

    Categories

    • Business (8,920)
    • Investing (2,251)
    • Politics (16,510)
    • 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