SEVERFIELD-Rowen has said it maintains its cautious view and that UK market recovery remains distant.

The structural steel business, based in Thirsk, will hold its annual general meeting today, when Tom Haughey, chief executive, will reiterate these views.

The company gave an update to the stock exchange last month, when it said it had a UK order book of £221 million, which it considered to be a “good position” and it announced it was increasing its production in its Indian business to increase turnover from £36 million to £50 million.

Mr Haughey will make the following statement: “The company's trading position was updated on 18 May 2011, when it issued an interim management statement. Little has changed in the short intervening period. The company maintains its cautious view that a broad recovery of the UK market remains distant and the focus continues on a number of sectors where activity and opportunity are being sustained, notably in industrial, transportation, waste to energy and commercial offices. The company remains optimistic about prospects and development potential for its joint venture in India.

“On behalf of the board, I would like to thank all of our employees who continue, through challenging times, to make outstanding contributions to the company's performance. We also thank our shareholders and supply chain partners for their continued support.”