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BRITISH STEEL TO END REMAINING STEELMAKING OPERATIONS AT RAVENSCRAIG

 BRITISH STEEL TO END REMAINING STEELMAKING OPERATIONS AT RAVENSCRAIG
 LONDON, Jan. 8 /PRNewswire/ -- British Steel plc (ADS - NYSE: BST) today said it regrets to announce that in light of the present and forecast commercial situation in its national and international markets it is to close down its remaining steelmaking operations at Ravenscraig and the terminal facilities at Hunterston no later than September 1992. The decision follows a detailed and exhaustive review of the company's capacity for strip products and has been made against the background of the continuing deep global recession and general price weakness.
 The closures will result in 1,220 job losses. The company is giving nine months' notice of the closures to facilitate an orderly rundown of plant and equipment. It will ensure that all possible measures are taken to alleviate the effects of the closures. A full counseling service will be set up and attempts made to relocate or redeploy the personnel affected to other parts of British Steel.
 The company closed the hot strip mill and moved to a single blast furnace operation at Ravenscraig last year. Previously it had indicated that there would be a need for slabs to be made at Ravenscraig until 1994, subject to market conditions. Current and forecast poor conditions in the market mean that there is no requirement for Ravenscraig's output beyond September this year. British Steel has already approved capital expenditure further to develop slab casting facilities at Llanwern at an appropriate time, thus releasing additional steelmaking capacity there and enabling the company to take full advantage of its competitive steelmaking facilities in South Wales and to reinforce its global trading position.
 Discussions with trade union representatives will begin immediately and, as in the past, British Steel will take positive steps through British Steel (Industry) Ltd. to assist in the creation of new job opportunities in the Motherwell area.
 The closure of steelmaking facilities at Ravenscraig will not affect the plate rolling facilities at Dalzell.
 -0- 1/8/92
 /CONTACT: Charles Lewis (press) or John Bowden (financial) of British Steel, in London, 071-735-7654/
 (BST) CO: British Steel plc ST: IN: MNG SU:


GK-TS -- NY057 -- 7601 01/08/92 08:36 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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