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Severfield Rowen cautious about steel demand in UK

Severfield Rowen today said it is cautious in its outlook for UK demand, but it has a £247 million order book providing secure workload throughout 2010 and into early 2011.

In a trading statement ahead of Severfield’s group AGM today chief executive Tom Haughey said “the company remains cautious in its outlook for UK demand but is satisfied with the strength and quality of its order book”

After 22 years at Severfield Rowen, today is the last day as company finance director for Peter Davison.

But Mr Davison will stay on as company secretary.

The company’s finances and market leading position are key attributes to its continuing success in the current trading climate.

Current trading indications are that underlying profit before tax will be in line with management expectations.

JSW Severfield Structures will begin commissioning its plant in August with full output levels being engaged around the turn of the year.

Mr Haughey said the joint venture has won its first contracts in the industrial sector, the mix of which is ideally suited to the commissioning requirements of the new operation.

The chief executive added: “On behalf of the board, I would like to thank all of our employees who have come through a challenging 12 months but have made outstanding contributions to the company’s success in both the UK and overseas.”

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