Warning By Severfield States More Firms To Quit Steelwork

One of Britain’s largest steelwork contractor as put out a warning stating that the wave of company failures that had hit the sector. Has still to run its course completely. After announcing year end profits halved at six point eight million pounds on static turnover of two hundred and sixty seven million pounds this is according the Construction Enquirer. They also stated that the tough trading conditions would see a further wave of companies exit the market.

The chief executive officer of the firm Tom Haughey stated that “The UK economy remains lacklustre and the duration of the downturn is having a significant impact upon the durability of our industry competitors, several of whom exited in 2011.”

He also went on to state that the economic outlook looked uncertain for the UK market. However was encourage by their UK arm who entered 2012 with a strong order book.

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