Industrial titans, BAE, Babcock and Rolls-Royce, come to aid of Sheffield Forgemasters, Britain's oldest steel-maker

Hayley Kirton
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Gordon Brown Announces Plans To Cut Trident Submarines
Sheffield Forgemasters is involved in the supply chain for the Trident programme (Source: Getty)

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.

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