British Steel today announced ABP is taking over the ownership of Immingham Bulk Terminal as part of a £65 million investment to help support the long-term future of steel manufacturing in the Humber.
The agreement sees ABP form a new business, IBT Limited, which will also manage the terminal located on the west side of the port in Immingham. It will continue to handle more than 5.5 million tonnes of bulk cargoes such as iron ore, coal and coke each year, all destined for British Steel’s Scunthorpe headquarters.
As part of their commitment to the project, ABP will invest £65 million in new cranes, equipment and infrastructure to underpin the safe and reliable operation of the site for the future use.
All employees currently working for British Steel at IBT (approximately 45 people) will be invited to join Immingham Bulk Terminal Limited, within the ABP group. ABP’s port operatives will also work alongside existing colleagues to assist in reducing any labour shortages.
Gerald Reichmann, British Steel’s Chief Financial Officer, said: “We’re delighted to be working in partnership with ABP, whose expertise in running operations like IBT will enable us to focus on our core steelmaking operations.
“As well as investment, the agreement will give us access to additional berthing opportunities to support our current requirements and enable further growth.”
Simon Bird, Regional Director of ABP Humber, said: “We see this new venture as a fantastic opportunity for the Humber. Not only will people benefit from potential new job opportunities in the area but ABP and British Steel will be working together to run a smooth operation which has scope for further expansion of steel manufacturing in the Humber region.”
IBT Limited will form an arm of ABP’s existing business and will work hand-in-hand with their current operations which take place across the Humber ports.
Currently the UK’s largest port operator, ABP already owns and operates four ports along the River Humber, in Grimsby, Hull, Goole and the UK’s largest port by tonnage in Immingham.