January 18, 2010 / 3:02 PM / 9 years ago

Russia's Severstal to close UK's Carrington Wire

MOSCOW, Jan 18 (Reuters) - Severstal (CHMF.MM), Russia’s largest steel maker, will close the Carrington Wire company in Britain after concluding that the business, which it acquired in 2006, is no longer viable, the company said on Monday.

Carrington Wire’s Elland plant in West Yorkshire makes products for industries ranging from retail to aerospace. The plant has 83 employees and has had declining sales for the past five years.

“In spite of financial support and initiatives to return the business to profitability, including the consolidation of manufacturing at Elland, Carrington Wire is no longer viable,” Severstal said in an emailed statement.

“Following a full review of the business and a two-month consultation period with employees, management has reluctantly concluded that a managed wind-down of the business will be implemented.” (Reporting by Alfred Kueppers; Editing by Keiron Henderson)

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