Britain’s last independent steelmaker sank further into the red last year, hit by the oil and gas downturn against a backdrop of crisis in the wider industry. Sheffield Forgemasters International said it would lay off up to 100 workers in January, just weeks after closing the books on a second consecutive year of losses. Its woes mirror those ravaging the wider British steel industry, which has buckled under a collapse in prices for the metal amid a global oversupply. The sector’s future is in doubt with the country’s biggest producer, Tata Steel UK, up for sale by its Indian owner. Sheffield Forgemasters, which makes high-value steel products, posted a pre-tax loss of £7.6m in 2015, as it booked a one-off restructuring charge of £1.7m.
FT 24th May 2016 read more »