Robust orders help Severfield battle tough markets

The Thirsk-based group, which supplied steel to the London 2012 Olympic Stadium, said while it remains caution on the demand outlook, it is "satisfied" with its order book which now stands at 247m. Severfield said this provides ample work through this year and into early 2011.

Chief executive Tom Haughey has previously warned this year will be the "trough" for the industry in the UK, down by 50 per cent on two years ago.

Today he said: "The company's finances and market leading position are key attributes to its continuing success in the current trading climate."

Severfield is diversifying its earnings to spread risk globally. A joint venture in India will begin commissioning its first plant in August, hitting full output at the turn of the year. It has won its first contracts in the industrial sector, and Mr Haughey said prospects in India are "very promising".

Severfield holds its annual shareholder meeting today.