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June

Forgemasters focus remains on business development

21 June 2010

Sheffield Forgemasters International will continue to develop its significant involvement into civil nuclear, thermal and hydro power generation markets and seek other ways to develop the business having received confirmation that the Government will not honour an £80m loan for a new 15,000 tonne press.

Graham Honeyman, Chief Executive, said: "The government announcement to overturn the loan offered to Sheffield Forgemasters' plans to install a 15,000 tonne press is a huge disappointment to all at the company.

"While the press would have placed the company at the forefront of civil nuclear manufacture, it is important for us now to focus on other elements of the company's development.

"The government clearly has a remit to reduce spending and cut the economic deficit and it is for them to decide how best to do that. Sheffield Forgemasters will continue to develop its significant involvement into civil nuclear, thermal and hydro power generation markets and seek other ways to develop the business."