LOOKING BACK AT 2015

 
25 January 2016

Announcements during 2015 by Tata, SSI and Caparo gave an indication of the pain being felt by the worldwide steel industry with prices at current levels. Barrett Steel are not immune from market factors and we saw a drop in both turnover and profit for the year ended 30 September 2015. Even in this challenging market we remain committed to developing our core businesses and 2015 saw a capital investment program amounting to £6.0m. We invested in additional land at Rotherham, processing facilities, land development and racking in Houston, our vehicle fleet as well as our IT systems and networks. The Oil and Gas Sector suffered during 2015 as a result of the falling price of oil. This led to our announcement in late November to close both the Forge in Newcastle and Machine Shop in Ayr. We remain committed to our core stockholding and added value oil and gas business developed over the last 5 years though we do not see any signs of recovery likely until late 2016/early 2017.  


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