British Steel reinstates full pay for Scunthorpe staff after reporting £47million profit in first year

British Steel has reported a £47million profit in the year since its launch after a "remarkable" turnaround.

The company, which employs 3,000 people in Scunthorpe, is now giving employees a five per cent stake in the business and ending the three per cent salary sacrifice they agreed to last year.

Greybull Capital LLP bought Tata Steel's Long Products Europe a year ago today to takeover the business. In the 12 months before the deal, it had recorded a £79million loss.

Over the last year it has turned over £1.2billion and produced 2.7million tonnes of steel - down from 2.9million in 2015-16.

British Steel says its plan for a sustainable future is "firmly on track" and will allow for it to invest a further £40million in the business.