Sheffield manufacturer launches Project Vulcan to forge superalloys in the UK

Special Melted Products (SMP), which has roots in the discovery of stainless steel, is delivering an impressive programme known as Project Vulcan that will establish the UK’s first large-scale superalloy forging capability, helping to reshore strategically important aerospace and defence manufacturing that is dominated by US suppliers.

The business, which currently generates around £100 million in revenue and employs 260 people across two sites, is one of the few UK manufacturers to produce high-integrity alloys and components, which are used for critical applications in aerospace, energy and civil nuclear industries, with high-profile clients including Rolls-Royce.

UK sovereign capability

Through Project Vulcan, the business plans to help establish UK sovereign capability in nickel-based superalloys used in the high-temperature sections of jet engines – a strategically important market.

To back the next phase of growth, SMP has secured a £28.5 million working capital facility from Lloyds to support ongoing operating requirements, alongside £2.2 million funding to acquire a 31,000 sq ft industrial building close to its existing operations.

The additional premises will provide flexibility as the business installs new machinery and reconfigures production, enabling a phased expansion without disrupting day-to-day operations. In the short term, the site will act as a blank canvas to allow people, processes and equipment to be moved around while new kit is installed.

Over time, SMP plans to develop the building into further processing or production capacity, including potential additional melt or manufacturing operations, with a new R&D facility also planned later in the programme.

Advanced manufacturing

With Project Vulcan currently in its build phase, SMP is targeting full operation by 2031, with a long-term ambition to grow annual revenue from around £100 million today to more than £300 million.

Andy Richardson, CEO at Special Melted Products, said: “It’s rewarding to see a company with SMP’s heritage continue to play a key role in the city’s manufacturing story. We’re proud of our past but focused on what’s next, evolving with the needs of British manufacturing. The shift towards UK sovereign capability in nickel-based superalloys is increasingly important for both supply chain resilience and the long-term strength of the UK’s advanced manufacturing base.

“While much of our growth is driven by our team’s hard work, having Lloyds as a strategic funding partner makes a real difference. The working capital gives us headroom to keep the business moving as we invest in new capability through Project Vulcan.

“Our new premises will ensure we continue delivering for customers, supporting our people and maintaining momentum, while building the infrastructure for our next phase of growth. That ability to operate while we evolve is critical to delivering the programme safely, efficiently and on schedule.”

Lee Bloodworth, Relationship Director at Lloyds, said: “Special Melted Products exemplifies the high-value, high-skill manufacturing that underpins Sheffield’s ‘Steel City’ reputation. The team has a clear, ambitious plan through Project Vulcan to invest in capability, strengthen UK supply chain resilience and create skilled local jobs.

“Our funding package is designed to support both day-to-day operations and the realities of expansion. We’re proud to back a business with deep heritage and a forward-looking strategy, and we look forward to supporting SMP’s continued growth and investment in the region.”