UK’s steelmaker Sheffield Forgemasters is gearing for an ownership change as the country’s Ministry of Defence (MoD) plans to acquire it for £2.56mn through a phased equity buyout that will be completed by Aug 19.
The deal will enable Sheffield to emerge as a prominent supplier for defence programmes, the company noted on Jul 29. The MoD will also infuse about £400mn in new capital over the next 10 years toward ramp-up plans that include a new heavy forge line, flood alleviation, and new equipment.
Sheffield added on Thursday that while defence orders are at the forefront, it will continue to operate commercially and explore new opportunities in offshore winds and civil nuclear sectors.
The company is headquartered in the UK with offices in Europe. Its flagship plant in Sheffield has a 105mt electric arc furnace (EAF) at the on-site melt shop, a 630mt foundry, and a steel forge with two presses having capacities of 10,000mt and 4,500mt respectively.
($1=£0.72)