Profits up for Sandwell-based steel manufacturer

Close up of the gloved hands of a steel worker using a blow torch creating sparks on metalThe Sandwell-based arm of one of the largest steel manufacturers in the world has reported success during its latest financial year.

Based at its site in Oldbury since 1931, Austrian-owned Voestalpine Metsec plc has reported pre-tax profits of £15m for the 12 months to 31 March 2020, up from £14.7m the previous financial year.

However, its turnover dipped from £103m to £97.6m over the same period.

Originally registered as Anglo-Styrian Steel Co, the company has traded under various names over the years. In 1998 it was acquired by Austria-headquartered Voestalpine AG group, becoming Voestalpine Metsec plc, and the company went from strength to strength following inward investment in machinery.

Voestalpine AG is a leading global provider of high-quality metal processing solutions, particularly special tubes and sections, special strip steel and complex components for the automotive and many other industries.

Metsec is part of Voestalpine’s metal forming division and is the UK’s largest specialist cold roll forming company. It provides industrial welding and soldering products for power generation, oil, gas, construction, transportation, tooling, chemicals, and other industries.

Metsec employs almost 400 people at its Oldbury site. Voestalpine AG has about 500 businesses in the group, with a combined turnover in excess of €12bn. It has locations in more than 50 countries on five continents.

A statement signed off by the board of Metsec said: “The directors are pleased to announce another successful year.

“In general, all business areas of the company recorded pre-tax profits that were pretty much in line with expectations if not above expectations.

“The financial position of the company remains strong and the board are confident about the challenges and opportunities faced in the years ahead.”

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