Sheffield Forgemasters is close to being nationalised in a deal that will safeguard its vital defence work and help push the Government’s renewable energy agenda through a new generation of mini nuclear power stations. The troubled steelmaker supplies critical parts for Britain’s nuclear submarines and nuclear power sector but has struggled financially for decades. The company has been propped up by key defence customers including BAE Systems, Babcock and Rolls-Royce, which guaranteed a £30m loan five years ago. In April, the Defence Secretary signed a “security agreement” giving financial backing to Forgemasters that allowed it to buy a 13,000-tonne press. That support is about to be extended with a deal backed by the Ministry of Defence to take Forgemasters into public hands and secure the supply of components for Navy submarines. An announcement is expected within weeks, according to industry sources.
Telegraph 8th July 2021 read more »