UK steel maker, Severfield-Rowen, has announced to cut a 10% capacity as part of a reorganization at its Severfield-Watson Structures business.
Severfield-Rowen is the largest structural steelwork fabricator in UK. The current annual capacity of structural steel is 75,000 tons.
The spokesman of the company said that weak demand is resulting in increased competition, tighter margins and the transfer of commercial, technical and financial risk down the supply chain, through more demanding contract terms and longer payment cycles.
It reported that the company’s underlying loss before tax of £21.5 million on the back of revenues of £318.3 million for the 15-month period ended March 31, 2013.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64767&division=A9
