British Steel has reported that they have managed a £126 million turnaround. This success comes during

their first year operating as an independent business. The great news of the turnaround means that the

business has managed to create a stable base from which thy will be able to grow. British Steel also

managed to make around £47 million in profits over the course of 12month, ending on March the 31 st

2017.

It has been reported that the massive turnaround and profit achieved by the company is the best

performance that British Steel has had in ten years. This positive news has come as a result of a number

of popular and lucrative new contracts. This includes being contracted to work as part of the Crossrail

project that is taking place in London and is being carried out by Network Rail. As part of this Crossrail

development, British Steel has been asked to deliver a total of 57km of track for the work.

As part of the success that has been experienced by the company, British Steel has employed 500 new

people since June 2016, with 50 new people starting work at the business this month. This expansion is

also good news for the company as it meant that they have a larger workforce, and can take on a larger

workload and continue to increase their profits. The company has experienced a significant turnaround

over the past year and has implemented a number of different initiatives that will help the company

with cutting down on their costs which should mean that they will keep improving.

The employees of British Steel had to have a 3% pay reduction recently in order to keep the company

going, but because of the excellent news regarding the annual profits, the employees will be returned to

their full pay level, which will be a relief for those that work for the company.