Severfield, Britain’s leading structural steel specialist, has confirmed that it expects FY2022E results in line with its previous expectations. We are maintaining our profit estimates for FY2022E-24E but raise our revenues to reflect steel cost increases, which are passed onto customers. The outlook is underpinned by record orders, amid “significant opportunities” including ‘giga-factories’, data centres and nuclear. The UK’s 7 April Energy Security Strategy, prompted by Russia’s invasion of Ukraine, puts new nuclear at the heart of plans to reduce dependence on foreign energy. We believe this and wider green and economic security issues should support long-term growth.