Industrial titans, BAE, Babcock and Rolls-Royce, come to aid of Sheffield Forgemasters, Britain’s oldest steel-maker
Industrials heavyweights, BAE Systems, Babcock International and Rolls-Royce Holdings, have helped Britain's oldest steel-maker secure a multimillion pound funding package.
Sky News reported the trio have agreed to continue to underwrite loans for the Sheffield Forgemasters, which plays a role in the supply chain for the Trident programme, for at least another year.
The original guarantee for the lending, which involved £30m of loans from US bank Wells Fargo, was put in place last year, sparked by concerns over the financial health of the steel-maker, with no thanks to struggles in the industry at wide.
It was reported the extension of the guarantees came at the request of the Ministry of Defence.