Sheffield steel: Italian firm Marcegaglia to invest £50m and create 50 jobs
Sheffield steel manufacturer Marcegaglia will invest £50 million to build an electric arc furnace, creating 50 jobs.
It was among Italian investments into the UK worth almost £500m revealed by Sir Keir Starmer during a visit to Rome.
“I’m really pleased to announce that we’ve secured two new investments,” the Prime Minister said at a press conference with Italian PM Giorgia Meloni.
Defence, aerospace and security company Leonardo will invest £435m at its Yeovil site and in research and development programmes across the UK, it was announced.
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In 2023, Marcegaglia Stainless snapped up three steelmaking sites in Sheffield and Rotherham from Finnish firm Outokumpu, including the SMACC (Stainless Melting and Continuous Casting) meltshop in Tinsley.
Its electric furnace steel mill can melt 250,000 tonnes of scrap a year and turn it into wire-rods, wire and bars.
The SMACC site off Europa Link was previously owned by British Steel Stainless, Avesta Sheffield and latterly Outokumpu.
In October 2021, Labour leader Sir Keir Starmer and then shadow chancellor Rachel Reeves visited the then Outokumpu Stainless site in Sheffield to discuss the impact of high energy costs on industry.
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