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Wed October 28 2020

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Severfield-Rowen remains cautious on UK market

3 Jun 10 Structural steelwork contractor Severfield-Rowen is satisfied with its worldwide order book but remains cautious on UK prospects. That is the message from chief executive officer Tom Haughey at the company’s AGM today.

Structural steelwork contractor Severfield-Rowen is satisfied with its worldwide order book but remains cautious on UK prospects. That is the message from chief executive officer Tom Haughey at the company’s AGM today.

Haughey told the meeting that the order book stands at £247 million and provides high levels of activity across the company’s operations throughout 2010 and into early 2011.

The company's finances and market leading position are key attributes to its continuing success in the current trading climate, he said. Current trading indications are that underlying profit before tax will be in line with management expectations.

Prospects in India are described as very encouraging. JSW Severfield Structures, a joint venture there with local company JSW, will begin commissioning its plant in August with full output levels by the end of the year. The JV has won its first contracts in the industrial sector, the mix of which is "ideally suited to the commissioning requirements of the new operation", Haughey said.

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