Forgemasters gets funding to fuel nuclear ambitions
29 Mar 2010
Sheffield, UK - Sheffield Forgemasters International Ltd (SFIL) has secured a £140m funding package to enable it to install the UK’s first 15,000 tonne forging press: making it one of only five companies worldwide capable of meeting growing demand for such safety critical forgings for nuclear power reactors.
The package comprises an £80m UK government loan plus contributions by key partners of SFIL, including leading nuclear power-plant manufacturer Westinghouse. The government loan followed a two-year project to finance the installation of the 15kt forging press.
In securing the funding, Forgemasters said it will create hundreds more jobs at its Brightside Lane site. The knock-on effect of having these facilities within UK shores will be many more jobs nationally as suppliers and customers increase their involvement with the company.
The development follows SFIL’s signing of a £30m trade agreement to oversee the development of power generation forgings with Indian state run power equipment maker Bharat Heavy Electricals Ltd. The 10-year deal is mainly intended to serve India’s rapidly growing domestic market for turbine and power generation products.
“There are other companies in the world looking to enter the market for these large-scale components, but none will be able to achieve production in the same timescales as SFIL, partly due to the lengthy time it takes to gain international accreditation to manufacture for the nuclear industry,” said Graham Honeyman, chief executive of SFIL.
Demand for heavy nuclear forgings is set to more than triple by 2020, reaching 70,000 tonnes with worldwide capacity only able to supply 59,000 tonnes over the same timescale, according to Honeyman.
The world’s capability to make large and ultra large forgings for the nuclear industry is currently restricted to the equivalent of five to seven reactor supply systems a year, he noted. “However the average nuclear construction rate between 2010 and 2030 is expected to be 13 new reactors a year.”
“In order to place Britain in a position to capitalise on this deficit, SFIL will push through its plans, within the next three years, to make major castings and forgings for the power generation industry.”
