Teesside-based Materials Processing Institute (MPI), a steel manufacturer that produces tiny parts for Rolex watches, has seen its specialist smelting business grow by 80% over the past 12 months.

It is now looking to expand into new markets as a supplier of niche products — producing a range of precision steel products including carbon steels, alloy steels and stainless steels.

CEO Chris McDonald said (www.mpiuk.com): “We have carved out a niche offering to some of the world’s leading brands with our specialist smelting capabilities.

"It was a landmark moment for MPI, when we introduced our commercial steel operation to complement our research and specialist services.

“We have experienced another year of growth, buoyed by significant partnerships with some of the world’s leading steel companies and a strong order book for our specialist services, including our commercial steel-making division.”

MPI’s growth follows a series of international contract wins, which contributed to a 10% rise in its turnover.

They included a multi-million-pound research partnership with steel giant Liberty House Group to develop an advanced manufacturing process and new products at its plants in the UK and Australia.