Steel turnaround

BRITISH Steel has posted profits of £21m for the quarter as its turnaround continues.

The Scunthorpe steelworks owner was bought by Greybull Capital from Tata Steel for a symbolic £1 when close to collapse amid the steel crisis in 2016.

It swung back into profit last year and has continued to grow. Profits were dented by the £48m cost of repairing a blast furnace, although it is pursuing an insurance claim.

It now plans to invest £600m over five years and push into new markets as it battles President Donald Trump’s 25pc tariff on steel imports into the US.