50 jobs go as cost overruns hit profit at Severfield-Rowen

摘要

Steel giant Severfield-Rowen has warned that cost overruns on a "small number of contracts" has hit its profit expectations, as it announced 50 jobs would be cut. Severfield-Rowen said three of its UK businesses - Severfield-Rowen Structures, Watson Steel Structures and Steelcraft Erection Services - were "delivering below expectations", with their performances "adversely affected by unfavourable final account settlements and cost overruns on a small number of contracts, as well as the re-phasing of other projects by clients".