Steel making in the UK may be experiencing difficult times, but for one company in our region steel sales, company turnover, expansion and investment are at an all-time high, and the upward trend looks set to continue.
In the last financial year (2015-2016), Suffolk-based AJN Steelstock Ltd, sold close to 96,000 tonnes of steel with a turnover for the same period of £56 million – up £5 million on the previous year.
In 2015, AJN Steelstock made a multi-million pound purchase and investment in a 17 acre site in Henstridge, Somerset, to increase its capacity and serve as a bridgehead for expansion into the South Coast, South West, M4 corridor, Wales and the West Midlands.
In order to bring the site up to an operational level, the company placed contracts to the value of £750,000 with local companies and has since created over 100 brand new permanent jobs.
The company has also just invested £1.2 million in new saw/drilling line and high definition plasma profiling machine to keep pace with customer demand, together with an additional £500,000 worth of various other new machinery.
AJN Steelstock now employs over two hundred sixty people across its purpose-built Newmarket and Henstridge sites.
Commenting, AJN Steelstock’s Financial Director, Courtney Bell, said: “We are not involved in steel production, which is where the bulk of the problems besetting the steel industry are at the moment.
“Rather, we supply high-quality steel to the UK construction and engineering industries and increasing demand means that we have made these multi-million investments at a time when the rest of the industry is in turmoil.”
The company has seen demand for its steel increase month on month, year on year for the last fifteen years, culminating in today’s record breaking announcement. This trend is expected to continue in to the 2016/17 financial year.
AJN Steelstock is a family owned business which was started in 1974 by John Boyden and was located in Bury St Edmunds. Today the business is owned by John’s sons Alan and Neil from their head office based in Kentford just outside Newmarket in Suffolk.