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02 October 2007
UK steel wire sector rationalisation continues
UK-based producer Carrington Wire Ltd, part of the Russian Severstal-Metiz group, has announced that it is to close one of its two factories in the UK. In a statement seen by Steel Business Briefing the company says that it has decided to close its Cardiff operation at the end of December 2007 and consolidate its UK operations at its site in Elland, northern England.
Company CEO Andrew Parker said that "this operational restructuring is necessary for Carrington Wire to strengthen its presence in increasingly competitive markets". The company had announced in early June that it was moving into a 90-day consultation period about the Cardiff operation.
An industry insider tells SBB that such a move has been expected within the UK wire sector for some time. Parent group Severstal is currently carrying out other strategic restructuring in France where it is intending to close one of the plants of its Ascometal special steel subsidiary, as previously reported.
The Cardiff plant was acquired by Carrington from previous owner ASW in 1999. Severstal acquired Carrington from the Acertec group in April 2006.
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