{"id":12512,"date":"2017-06-02T10:42:23","date_gmt":"2017-06-02T09:42:23","guid":{"rendered":"http:\/\/unitelive.org\/?p=12512"},"modified":"2017-06-02T11:19:03","modified_gmt":"2017-06-02T10:19:03","slug":"remarkable-transformation","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=12512","title":{"rendered":"‘Remarkable’ transformation"},"content":{"rendered":"
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On its first anniversary British Steel, which took over Tata\u00e2\u20ac\u2122s Scunthorpe steelworks last year, has given workers a 5 percent stake in the business after returning a profit of \u00c2\u014147m.<\/p>\n

 
\nUnite welcomed the news but warned that pressures on the UK steel industry remain and blasted the lack of government support for the crucial sector as \u00e2\u20ac\u015breprehensible\u00e2\u20ac\u0165.<\/p>\n

 
\nBritish Steel\u00e2\u20ac\u2122s Scunthorpe site is one of only two blast furnaces in the UK. The other, in Port Talbot, is owned by Tata Steel.
\nBritish Steel was reformed last June after Tata\u00e2\u20ac\u2122s long products business was bought out by the Greybull investment firm for \u00c2\u01411.
\nThe name was previously dropped after the original British Steel merged with Corus in 1999.<\/p>\n

 
\nDuring the year to March 31, British Steel made a profit of \u00c2\u014147m \u00e2\u20ac\u201c a complete turnaround from the \u00c2\u014179m loss the year before when Tata Steel owned the operation.<\/p>\n

 
\nAs well as receiving a 5 percent stake in the business, Greybull employees have also had a 3 percent pay cut, which was imposed as part of the takeover from Tata, reversed.<\/p>\n

 
\nGreybull executive chairman, Roland Junck, said, \u00e2\u20ac\u015bThe transformation in this business is remarkable and that is down to our remarkable people who have embraced, engineered and led change.<\/p>\n

 
\n\u00e2\u20ac\u015bThey are the reason we can today reveal the best financial performance in the long products business since 2007 and they are the reason I have great optimism for the future of British Steel.<\/p>\n

 
\n\u00e2\u20ac\u015bIn 12 months we have started transforming from an inward-looking production hub into a profitable, more agile business by controlling costs, improving our product range and quality, and through strategic investments.\u00e2\u20ac\u0165<\/p>\n

 
\nUnite national officer for steel, Harish Patel, welcomed the positive results and said that Greybull members are \u00e2\u20ac\u015bfeeling much more secure today than they did a year ago.\u00e2\u20ac\u0165<\/p>\n

 
\nPatel was clear, however, that the steel industry still faced \u00e2\u20ac\u015bserious challenges\u00e2\u20ac\u0165 and needs government assistance.<\/p>\n

 
\nHe said, \u00e2\u20ac\u015bThe problem of China dumping cheap steel into the European market is a key issue. The failure of the European Union to take action to tackle this problem is very worrying.\u00c2\u00a0\u00e2\u20ac\u00a8\u00e2\u20ac\u00a8\u00e2\u20ac\u015bOn a local and national level the government\u00e2\u20ac\u2122s failure to support the steel industry and its lack of an effective industrial strategy is absolutely reprehensible.<\/p>\n

 
\n\u00e2\u20ac\u015bThe government should be investing in British Steel\u00e2\u20ac\u2122s future by providing relief on business rates, while also providing financial incentives to encourage research and development.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

On its first anniversary British Steel, which took over Tata\u00e2\u20ac\u2122s Scunthorpe steelworks last year, has given workers a 5 percent stake in the business after returning a profit of \u00c2\u014147m.   Unite welcomed the news but warned that pressures on the UK steel industry remain and blasted the lack of government support for the crucial […]<\/p>\n","protected":false},"author":1,"featured_media":8872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[430,269],"wps_subtitle":"Reformed British Steel a success on first anniversary","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/12512"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12512"}],"version-history":[{"count":4,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/12512\/revisions"}],"predecessor-version":[{"id":12519,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/12512\/revisions\/12519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/8872"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}