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British Steel collapse could add currency volatility to construction jobs in UK

Steel News - Published on Fri, 24 May 2019

Image Source: The Sun
Building reported that UK’s steel construction’s industry body has warned that contractors will have to get used to the price of steel on their jobs going up and down because they will have to use more imported product unless a buyer can be found for British Steel. Ms Sarah McCann-Bartlett, the director general of the British Constructional Steelwork Association, said any closure of the key Scunthorpe Steelworks site, which provides almost half of the sections steel used in the UK, would mean contractors having to import product from European mills and be exposed to the currency fluctuations between the pound and the euro. She said “The pricing is going to be more affected by exchange rates, steel prices are always affected by the price of iron ore and scrap, but, more significantly, contractors will be exposed to these changes in exchange rates.”
Another source said “We’ve got a job where one of the big boys has got a lot of tonnes going in so it is a worry British Steel is in this state. We’ve costed the steel package at one price but exchange rates mean it could be another.”

However Ms McCann-Bartlett said if work permanently stopped at the Scunthorpe Steelworks, distribution centres would ensure they had high stocks of sections in order to manage a transition. She said “In the UK we have large and efficient sector of steel stockholders and distribution centres – which is where most steel contractors purchase their steel.”

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Posted By : Ratan Singh on Fri, 24 May 2019
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