Business
IMS & Indian JV Opening Cerem
IMS & Indian JV Opening Cerem.
About this update from Severfield Plc
[{"type":"text","content":"\n RNS Number : 3042W Severfield-Rowen PLC 17 November 2010 \n \n\n \n \n17 November 2010 \n \n \nInterim Management Statement\nand the\nFormal Opening of JSW Severfield Structures Ltd Plant in India\n \n \nSeverfield-Rowen Plc, the market leading structural steel group, issues this Interim Management Statement covering the period to 17 November 2010. \n \nCurrent Trading \nThe Company's trading performance and financial position for 2010 to date remains broadly in line with management's expectations. The Company's debt levels also remain in line with expectations. All group companies are operating at or slightly above their new 2010 levels of capacity. \n \nDemand and pricing levels in the UK and Ireland remain depressed, with a glimmer of recovery foreseen for some key sectors in early 2012. \n \nThe Company continues to demonstrate its relative advantages and financial strength by continuing to extend its UK market share. \n \nOrder Book \nThe Company's order book for its UK operations currently stands at £251 million, up from £244 million reported on 25 August 2010. \n \nThe order book consists primarily of UK contracts and provides activity for all four UK plants into the spring of 2011 and in some cases beyond. \n \nJSW Severfield Structures Ltd \nThe Joint Venture in India is of significant strategic importance in achieving the Group's future growth ambitions. The Company and its JV partners are very pleased and proud to be formally opening the fully commissioned plant in India today. \n \nThe plant in Bellary, Karnataka has been brought to the market on time and budget and opens with an order book value of just over £10 million of fabricated steelwork and associated ancillary products. \n \nThis provides planned activity in the new plant for the next 15 weeks and negotiations are reaching their concluding phases on further contracts. \n \nThe associated Joint Venture to design, manufacture and install complementary metal deck flooring is also formally opened today. \n \nConclusion \nThe Company remains well positioned for the challenging market conditions through the next 12 months in the UK, and looks forward to operating and growing its Joint Venture in India, where the opportunity in its target sectors is abundant. \n \nT Haughe...