ABP is taking over ownership of Immingham Bulk Terminal as part of a £65m investment to help support the long-term future of steel manufacturing in the Humber.
The agreement sees ABP form a new business, IBT Limited, which will also manage the terminal on the west of the port in Immingham. It will continue to handle more than 5.5m tonnes of bulk cargoes such as iron ore, coal and coke each year, all destined for British Steel’s Scunthorpe headquarters.
As part of its commitment to the project, ABP will invest £65m in new cranes, equipment and infrastructure to underpin the safe and reliable operation of the site for the future use.
The 45 British Steel employees currently working at IBT will be invited to join Immingham Bulk Terminal Limited, within the ABP group. ABP’s port operatives will also work alongside existing colleagues to assist in reducing any labour shortages.
Gerald Reichmann, British Steel’s Chief Financial Officer, said: “As well as investment, the agreement will give us access to additional berthing opportunities to support our current requirements and enable further growth.”
Simon Bird, Regional Director of ABP Humber, said: “We see this new venture as a fantastic opportunity for the Humber. Not only will people benefit from potential new job opportunities in the area but ABP and British Steel will be working together to run a smooth operation which has scope for further expansion of steel manufacturing in the Humber region.”
IBT Limited will form an arm of ABP’s existing business and will work hand-in-hand with their current operations which take place across the Humber ports.
Currently the UK’s largest port operator, ABP already owns and operates four ports along the River Humber, in Grimsby, Hull, Goole and the UK’s largest port by tonnage in Immingham.