June 17 (UPI) -- British Steel announced Tuesday that it has landed a new contract with the Network Rail railway company worth more than a half-billion dollars.
In a press release, British Steel's Commercial Director for Rail Craig Harvey said, "The contract is a ringing endorsement of UK workers and British industry, underpinning the vital role we play in ensuring millions of passengers and freight operators enjoy safe, enjoyable, and timely journeys on Britain's railways."
The deal made between the two companies is a five-year arrangement valued at approximately $677 million that will have the steel company create about 7.7 to 8.8 tons of rail every year. Additionally, the contact can be extended for another three years.
British Steel is the only manufacturer of rail in the United Kingdom.
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