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British Steel has secured a multi-million-pound order to supply rail for a major high-speed railway in Türkiye. Backed by UK Export Finance, the deal will see 36,000 tonnes of rail used on a 599km line between Ankara and İzmir, prompting the company to resume round-the-clock production.
The eight-figure contract has been awarded by ERG International Group, which is delivering the Ankara–İzmir High-Speed Rail Project on behalf of the Turkish government. Once completed, the line will be operated by Turkish State Railways.
The new high-speed railway is expected to reduce journey times between Ankara and İzmir by more than 10 hours. It will also help cut carbon emissions by providing a cleaner alternative to road and air travel.
For British Steel, the contract represents a significant commercial milestone. The scale of the order has led to the creation of 23 new roles and the resumption of 24/7 rail manufacturing operations at its Scunthorpe site for the first time in more than a decade.
Lisa Coulson, Chief Commercial Officer at British Steel, described the agreement as a prestigious win that underlines the company’s global competitiveness.
“The deal highlights British Steel’s capability to deliver sustainable track systems for major infrastructure projects and reinforces its importance as the UK’s only rail manufacturer,” Coulson said.
The new contract comes after the UK government took control of British Steel’s plant in Scunthorpe in April to prevent its closure.
Industry Minister Chris McDonald said the order was positive news for UK steelmaking and aligned with the government’s Steel Strategy.
“Every tonne of British-made steel used in projects at home and abroad helps sustain skilled employment and reinforces its quality for the world’s most ambitious engineering projects,” he said.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Rescuers in Nepal used helicopters on Thursday to scour for hundreds still missing after a wall of mud and rock collapsed into a river on the Himalayan border with China's Tibet, sending catastrophic floods through towns and valleys, killing 162 people.
Secretary of State Marco Rubio told allied foreign ministers Washington will focus on sanctions and other pressure on Iran “for the time being”, Axios reports. Meanwhile, Iran and Oman have resumed talks on a temporary shipping route through the Strait of Hormuz.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Russia and Ukraine have exchanged 10 prisoners of war each in Belarus, Moscow's Human Rights Commissioner, Yana Lantratova, has said.
The inaugural Silk Road Finance & Technology Forum brought together policymakers, investors and technology companies as Central Asia looks to build a more connected financial system and compete for a bigger share of global fintech investment.
A restaurant payment with a Visa card in Damascus has become a symbol of Syria’s reconnection with the global financial system.
The Silk Road Finance & Technology Forum will bring more than 6,000 policymakers, investors and technology leaders from 74 countries to Tashkent, as Central Asia seeks a bigger role in the global fintech landscape.
Kazakhstan is considering the Baku-Supsa pipeline as an alternative oil export route after Caspian Pipeline Consortium disruptions cost the country an estimated 3.5 million tonnes of oil, Energy Minister Yerlan Akkenzhenov said.
Kuwait’s Al-Sayer Group plans to export fresh and dried Afghan fruit to Kuwait and other markets while exploring broader trade and investment opportunities in Afghanistan, according to Afghan government statements following talks in Kabul on Tuesday.
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