Cardiff steelmaker back in profit

Posted on 16 Jul 2017 and read 648 times
Cardiff steelmaker back in profitCardiff-based Celsa Steel UK (www.celsauk.com) has reported a return to profit in its latest financial results.

Earlier this year, the group revealed plans to invest more than £3.6 million in its Welsh facilities, as part of a project designed to reduce its CO2 emissions, cut its energy consumption and costs, and improve its efficiency. The project was supported by £1.6 million from the Welsh government and has secured about 280 jobs.

Celsa is the UK’s largest manufacturer of steel reinforcement products, with 100% of its output produced from recycled scrap. It directly employs 600 people, alongside 194 full-time contractors, at its two main sites in Cardiff (at East Moors Road and Tremorfa).

According to recently filed accounts, Celsa (UK) Holdings Ltd reported a pre-tax profit of £2.3 million in 2016, compared to a £16 million loss in 2015, and its turnover increased from £429.4 million to £436.2 million.

In their report accompanying the results, the directors said the growth was “mainly due to pricing, with year-on-year volumes staying similar. The company and group continue to commit resources to the development of new products and processes, where this activity is necessary to the evolution of its business and in order to keep it technologically in the forefront of the market-place.”

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