Forgemasters to review nuclear press project

Friday, 30 July 2010 Sheffield Forgemasters welcomed a recent statement from Vince Cable, the UK business secretary, which pledged support to the company following the cancellation in June of an £80 million ($118 million) government loan. Forgemasters would have used the loan towards the £140 million ($207 million) cost of installing a 15,000 tonne press capable of handling 500-600 tonne ingots and producing the largest reactor pressure vessels. Cable said that the government would be willing to look carefully at future proposals when the availability of public funds becomes clearer following the spending review. The company said that it anticipates reviewing the project in early 2011. Graham Honeyman, CEO of Forgemasters, said: "The company has already invested significant amounts of time, energy and finances into the project and the period into 2011 is now essential for us." He added, "Sheffield Forgemasters needs to be in the best possible position to revisit this proposal early next year." According to a report in the Financial Times, over 10,000 people have signed a petition calling for the coalition government to reconsider its cancellation of the loan.