Severfield is boosted as rivals collapse
Structural steel giant Severfield-Rowen says things are looking up thanks to rivals falling by the wayside.
The firm said the industry shake-out had continued apace as cut-throat competition sends weaker players to the wall.
Its recent London wins include steelwork contracts for British Land's Cheesegrater skyscraper and Anish Kapoor's ArcelorMittal Orbit sculpture at the Olympic Park.
Severfield shares jumped 8% as it said trading was in line with City hopes despite the bleak climate.
Two major rivals, Barrett Steel Buildings and Robinson Construction, have ceased trading in recent weeks, "which supports the company's view that supply-demand rebalancing is continuing".
The firm boasts a "healthy" UK order book of £230 million although it isn't expecting a construction boom to turn up soon.
It said: "The company remains cautious about the market outlook in the UK and continues to plan on the basis of subdued demand and relatively tight pricing."
