A 200-year-old Sheffield metal- basher is considering building a 15,000-tonne press - one of the world's biggest - to satisfy the demand for parts arising from the global renaissance in nuclear power.

Sheffield Forgemasters (SFI), which was on the verge of bankruptcy two years ago before it was rescued by a management buyout, has placed an order for one 4,000- tonne press and is weeks away from ordering a 15,000-tonne device as governments worldwide look to nuclear power as a source of non-carbon-emitting energy.

SFI is talking to potential backers about funding the £70 million investment in the 15,000-tonne press, including venture capitalists, banks and the Government. A decision is expected in the next two months.

“The number of presses in the world that are big enough to supply the nuclear industry is tiny,” Peter Birtles, a director of SFI, said. “The board has agreed this investment in principle - we just have to find the optimum way of funding it,”

SFI has secured a contract to supply one primary-coolant pump a month for the next ten years to an American engineering company, which is a leading supplier to Westinghouse, the nuclear power company based in Pittsburgh, Pennsylvania. The first coolant pumps that SFI produces are destined for China, where Westinghouse is building four nuclear power stations.

At the same time, SFI has been advising the Indian Government, which plans to develop about 35 nuclear power stations in the next 25 years but has no facilities to manufacture parts for reactors. Subject to India signing a transfer- of-technology agreement with the United States, SFI could sign a deal with an Indian partner to develop a press there.

The Sheffield company is one of the few forging specialists in the world with the knowledge and experience to produce components for the latest generation of nuclear power plants.

Graham Honeyman, its chief executive, said: “We have a massive power deficit building in this country and the only way to adequately address the problem is through nuclear power. It is very important that the option to manufacture for these power plants is within the UK. There is a huge global demand for nuclear power components and fewer than ten companies capable of such manufacture.”

The new presses will join SFI's 2,500-tonne and 10,000-tonne presses. The 2,500-tonne facility was installed in 1897 and provided parts for Hurricane and Spitfire bombers in the Second World War.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax