Severfield sinks to £40m loss as new boss clears decks for recovery

Structural steel giant Severfield crashed to a £40m pre-tax loss last year as new chief executive Paul McNerney took a £50m hit to simplify the business, exit modular construction and draw a line under legacy issues.
Britain’s biggest steelwork contractor booked £50m of exceptional charges during the year to 28 March 2026, including £22m of impairment charges and £13m linked to closing its Modular Solutions arm.The long-running bridge defects saga also continu