Sheffield Forgemasters gets extra £420m to boost defence projects
It's on top of £900m already invested into the steelmaker by the government
The government is to invest an additional £420m in Sheffield's Forgemasters, to help the South Yorkshire steelmaker boost its capacity for defence projects.
The company, which was taken over the by the government in 2021, is involved in the manufacture of components for the UK's nuclear submarines, as well as more recently large caliber gun barrels.
The additional investment is expected to support hundreds of jobs, many of which will be in South Yorkshire.
Gary Nutter, Chief Executive Officer at Sheffield Forgemasters, said: “When the company was acquired by the MoD in 2021, the recapitalisation programme was in its infancy as we looked to upgrade our capability from legacy assets installed in the 1960s and 1970s.
“We originally aimed to use existing buildings to house new machinery, but as we explored increasing defence output, space became paramount, so we purchased an additional 21 acres of predominantly brownfield land to build a dedicated, new machining facility.
“The number of machines required to meet targets for the UK submarine programme has also grown to include 15 of the world’s most advanced, large vertical turning lathes, and associated equipment.
“Our new Forging Line has also been reconfigured, with increased capacity for furnaces, quench tanks and cranes so that defence critical submarine components can be delivered to an increased drumbeat.
“This has seen our workforce grow from 600 to more than 720, intake of apprentices averaging 25 to 30 per year, construction work on-site now employs more than 900 people and more than 35 per cent of the spend has been made in Yorkshire.
“Recapitalisation is driving a broader business transformation, delivering operational excellence and significant productivity improvements. This underpins our priority requirement to deliver excellent products, on time, to our key customers.”