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Nominated for a prestigious 2009 award.
Cwmbran steel couple eye
prestigious award
Wednesday 29th July 2009 - By Jessica Best South Wales Argus.
A STEEL worker who was made redundant a year ago has turned his fortunes round by setting up a steel supply company now nominated for a prestigious award.
Stephen Walden and his wife Gail, of Croesyceiliog, Cwmbran, lost their jobs within a week of one another in June last year when Barrett Steel closed its Cwmbran operations and moved to Avonmouth. But a fortnight after being made redundant, Stephen set up Walden Steels Limited - a steel stockholding company which managed a £400,000 turnover in its first year, and is one of 60 semi-finalists in HSBC’s Start-up Stars Awards 2009.
The winning company will be awarded £25,000 at an awards ceremony in London on November 23. Mr Walden, 51, had worked in the steel industry for 35 years when he was made redundant, after starting as a junior clerk for Thomas Hwyel at the age of 15. But it was this wealth of experience, scores of loyal contacts and £5,000 of his own money that allowed him to start up a new business despite the economic downturn, with wife Gail, 46, organising the company accounts and paper work.
From its site at New Inn, Walden Steels Ltd sources steel, which it then sells on to companies including builders, fabricators and engineers. But Mr Walden’s business venture also identified a gap in the steel market.
Many companies will only supply steel sheets in standardised sizes, leading to a lot of wasted materials and extra cost. But Walden Steels cuts its sheets to the exact measurement required, reducing the waste and delivering it on the same day.
With this special service and a loyal customer base, the Walden’s and one full time driver now supply to more than 150 customers and have turned a profit in their first year. They have contracts in Germany and Portugal, as well as discussions currently under way with Chinese steel works.
Mr Walden said: “It has been hard work, but we have made a profit which in this day and age and in this industry is a huge achievement. It’s great to have this recognition, and hopefully we can now go on and win.”
He said that if they won the prize money, it would be reinvested back into the business with plans to take on more staff and move to larger premises.
See the article at www.southwalesargus.com