The firm has been in protracted negotiations for more than four years with the 122 Leadenhall project developer British Land, main contractor Laing O’Rourke and engineer Arup.

Previously Sevefield estimated that the steel bolt replacement programme would cost it up to £6m as it decided to fund remedial works before hammering out a deal on where the liability for the costs should rest.

Three arm-sized steelwork bolts sheared and fell to the ground from the 47-storey Leadenhall Building in late 2014, forcing checks on all 3,000 bolts in the building frame and extensive remedial works.

The firms were left in limbo following the collapse into administration of original bolt supplier Andrews Fasteners.

This morning Severfield said: “Following extensive negotiations with all stakeholders, we have now agreed a final settlement for the remedial bolt replacement works at Leadenhall, resulting in no further costs for the group.”

Chief executive Alan Dunsmore added: “The group’s overall trading performance continues to be in line with management’s expectations.

“The financial position of the group remains good and year-end net funds were around £25m (31 March 2018: £33m).”