AGM Statement

Severfield-Rowen PLC
02 June 2003


Embargoed until 7.00am, Monday 2 June 2003




                              SEVERFIELD-ROWEN PLC

                                 AGM Statement


At the Group's AGM today, Peter Levine, Chairman, will make the following
statement:

'Whilst still early days, trading at the start of the year has been broadly
consistent with our current expectations, which are for a year of improved
profits over 2002.

'With a very strong order book underpinned by the long term Heathrow Terminal 5
contract, the Group is in a very solid financial position and retains its market
leadership against a background of an industry sector going through uncertain
times.

'Severfield-Rowen has a strong balance sheet, cash in the bank, is the most
profitable operator in our industry, and each of its core subsidiaries, being
Severfield-Reeve Structures, Watsons and Rowen are premier brand names in the
sector.

'The Board fully intends to maintain its efforts to provide shareholder value
through both organic and acquisitioned growth as appropriate. In times of
general economic uncertainty we are pleased to say that the prospects for the
Group are good.

'The Board recognises the part played in our success by our employees and
shareholders and to all of them we extend our thanks and appreciation for their
continued support.'


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For further information please contact:

Severfield-Rowen           Peter Levine                          0113 246 9993
Financial Dynamics         Peter Otero/Richard Mountain          020 7269 7291



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