Bosses at Sheffield Forgemasters have welcomed a statement from the Secretary of State for Business, Innovation and Skills, Vince Cable, which pledges to support the company following the cancellation of an £80m government loan.
Mr Cable says the government would be willing to look carefully at future proposals when the availability of public funds becomes clearer following the Spending Review in October.
Sheffield Forgemasters will now look to review its 15,000 tonne nuclear press project in early 2011, acknowledging the latest offer of support from Government.
Chief executive Graham Honeyman said: “The statement from the business secretary underlines this company’s commitment and desire to focus on its bright future through other projects and redirect much needed attention and resources to other developments within our business.
“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. Sheffield Forgemasters needs to be in the best possible position to revisit this proposal early next year. For us to do this, we now need to concentrate on accelerating the growth of our group companies.
“It is important for us to remain focused on our other development opportunities based around our 10,000 tonne and 4,000 tonne forging presses, our recently completed programme of machine shop improvements and the opportunities in civil nuclear and other sectors.
“The company would like to acknowledge the extraordinary level of backing from across the country and the many letters and gestures of support from the general public.”