Steel maker Severfield shares go into orbit after rush of orders

THE UK’s biggest steelmaking firm was in demand today as dividend cheer and a big profits beat saw the City mark the shares up a whopping 10%.

Severfield, the builder of the ArcelorMittal Orbit sculpture (pictured) at the Olympic Park and a contractor on Tottenham Hotspur’s new stadium, gained 6p to 68.3p to move into positive territory for 2016, despite the shock of the Brexit vote.

Chief executive Ian Lawson, also eyeing work on the new Hinkley Point nuclear power station and the HS2 rail project, added that there were “more opportunities” in Europe, thanks to the pound’s slump making it more competitive.

“We have done the odd job in Paris and Amsterdam,” he said.

After a 69% jump in pre-tax profits to £8.1 million in the six months to September, the dividend is up 40%, the order book is in the best shape for six years and full year profits will “be comfortably ahead of expectations”.