British Steel has resumed operation control of Immingham Bulk Terminal (IBT) after completing a deal with Associated British Ports (ABP).
The facility operated by British Steel up until 2018 when its then owners agreed to pass control to ABP.
Now British Steel is under the ownership of the Jingye Group, it has agreed to take back running of the terminal which handles millions of tonnes of its raw materials each year.
“The return to British Steel of an important strategic asset like Immingham Bulk Terminal is another significant step forward for our new business,” said British Steel CEO Ron Deelen.
“IBT handles iron ore, coke and coal en route to our manufacturing headquarters in Scunthorpe so this deal strengthens our control over this vital part of our supply chain.”
The terminal can handle up to 9 million tonnes of raw materials a year to support steel production.
Under the terms of the agreement, 36 employees are transferring to British Steel from IBT, which is owned by ABP.
“With Jingye’s investment behind us, British Steel can play an important role in the future recovery of the UK economy,” added Mr Deelan.
“Our new owners have strengthened our global reach while domestically we’re ready to play a significant role in major infrastructure projects like HS2, which requires large quantities of high-quality products like our rail and constructional steel.
“Investing to improve the reliability and efficiency of our assets, including IBT, enables us to satisfy customer demand, further improve our quality and range, and provide a significant boost to the whole supply chain.”