Forgemasters still seeking funds for 15,000-tonne press

This announcement follows the decision last week by the coalition government to withdraw an £80m loan from the former Labour administration.

The loan, approved in March, would have brought the amount raised for the project to £140m, which would have seen Sheffield Forgemasters join only five other companies in the world capable of producing the largest components for nuclear reactors.

‘The company’s proposed business expansion plan to install a 15,000-tonne press still offers a real opportunity for the company to create new jobs in Sheffield and in the subsequent supply chain and to give a major boost to UK manufacturing industry on a global level,’ said Graham Honeyman, chief executive at Sheffield Forgemasters. ‘We have no intention of standing still and will continue to explore all avenues for business development.’

According to Sheffield Forgemasters, the demand for heavy nuclear forgings is set to more than triple by 2020, reaching 70,000 tonnes with worldwide capacity only able to supply 59,000 tonnes over the same timescale.