IMS & Indian JV Opening Cerem

RNS Number : 3042W

Severfield-Rowen PLC

17 November 2010

 



17 November 2010

Interim Management Statement

and the

Formal Opening of JSW Severfield Structures Ltd Plant in India

Severfield-Rowen Plc, the market leading structural steel group, issues this Interim Management Statement covering the period to 17 November 2010.

Current Trading

The Company's trading performance and financial position for 2010 to date remains broadly in line with management's expectations. The Company's debt levels also remain in line with expectations. All group companies are operating at or slightly above their new 2010 levels of capacity.

Demand and pricing levels in the UK and Ireland remain depressed, with a glimmer of recovery foreseen for some key sectors in early 2012.

The Company continues to demonstrate its relative advantages and financial strength by continuing to extend its UK market share.

Order Book

The Company's order book for its UK operations currently stands at £251 million, up from £244 million reported on 25 August 2010.

The order book consists primarily of UK contracts and provides activity for all four UK plants into the spring of 2011 and in some cases beyond.

JSW Severfield Structures Ltd

The Joint Venture in India is of significant strategic importance in achieving the Group's future growth ambitions. The Company and its JV partners are very pleased and proud to be formally opening the fully commissioned plant in India today.

The plant in Bellary, Karnataka has been brought to the market on time and budget and opens with an order book value of just over £10 million of fabricated steelwork and associated ancillary products.

This provides planned activity in the new plant for the next 15 weeks and negotiations are reaching their concluding phases on further contracts.

The associated Joint Venture to design, manufacture and install complementary metal deck flooring is also formally opened today.

Conclusion

The Company remains well positioned for the challenging market conditions through the next 12 months in the UK, and looks forward to operating and growing its Joint Venture in India, where the opportunity in its target sectors is abundant.

T Haughey

Chief Executive Officer

Further Images can be found at: www.sfrplc.com/jssl/

For further information, please contact:

Severfield-Rowen Plc	Toby Hayward Chairman	01845 577896
	Tom Haughey Chief Executive Officer	01845 577896
	Alan Dunsmore Finance Director	01845 577896
RBS Hoare Govett Ltd	John MacGowan	020 7678 8000
	Stephen Bowler	020 7678 8000
Pelham Bell Pottinger	Archie Berens	020 7861 3232
	Francesca Tuckett	020 7861 3232

 

END

 

 

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