Jan 23 Structural steelwork maker
Severfield-Rowen Plc said Chief Executive Tom Haughey
resigned after cost overruns at one of its projects in London
further hit its performance in the United Kingdom.
The company, which had net debt of 30 million pounds ($47.60
million) as of Dec. 31, also said it was in talks with its
lenders regarding compliance of its covenants.
Severfield-Rowen, which has worked on access bridges at
football club Arsenal's Emirates Stadium, said Chairman John
Dodds would become executive chairman until a chief executive
The company also said it would review its current contract
base due to cost overruns on its contract to provide steel
fabrication at 122 Leadenhall, a project tipped to be one of the
tallest skyscrapers in the City of London and known as the
"Cheesegrater" for its distinctive shape.
Severfield-Rowen's order book stood at 209 million pounds as
of Dec. 31.
Shares in the company closed at 199.875 pence on Tuesday on
the London Stock Exchange.