Wednesday 29 January 2014

Offshore oil and gas is "place to be" says Forgemaster boss

The chief executive of Sheffield Forgemasters reckons offshore oil and gas sector is "the place to be" for steelmakers right now.

Graham Honeyman (pictured) told the audience at UKTI's Civil Nuclear Showcase this morning the UK nuclear sector "will be" but "it's not there yet".

He added nuclear providers are "waiting for the day" and the opportunity is "tangible".

Mr Honeyman suggested manufacturers no longer earn money making things any more but rather from selling services. He explained that Forgemasters used to be 100% manufacturing, now 10% of its business is services.

While other forgemasters are "struggling", his company is surviving because it operates in different sectors, said Mr Honeyman.