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FIVE THOUSAND steel jobs hang in the balance as steel giant Liberty announced plans to sell its plant in Stocksbridge, Sheffield, as part of a âmajor restructuring processâ following the collapse of Greensill Capital.
The Sanjeev Gupta-owned firm, which is the UKâs third largest steel business, has agreed a refinancing plan â which will involve the sale of its aerospace and special alloys steel business based near Sheffield â after weekend talks with creditors.
The company has 12 plants across the UK, including in Rotherham, Stocksbridge and Brinsworth.
Responding to the news, the National Trade Union Steel Coordinating Committee, which includes the unions Community, GMB and Unite, said: âStocksbridge and its downstream plants are strategically important businesses vital to our countryâs defence, energy and aerospace sectors.
Coventry manufacturer Liberty Pressing Solutions up for sale, owner confirms
They have said the business, formerly known as CovPress, is non-core to Liberty’s vision
The company is part of Liberty Steel Group
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The owners of a Coventry manufacturer have confirmed the process of selling Liberty Pressing Solutions and Liberty Aluminium Technologies has began.
Liberty Steel has said it is looking to sell some of its steel plants, including its prominent Stocksbridge plant, which employs about 750 staff.
It follows meetings over the weekend between boss Sanjeev Gupta and Credit Suisse, which lost over £1billion when Liberty Steel s main backer - Greensill Capital - collapsed in March.
The Swiss investment bank has initiated wind-up orders against the company but has now agreed to suspend court proceedings to allow the financially struggling Liberty to pursue the sale of its plants.
Liberty Steel will also sell its Pressing Solutions and Aluminium Technologies businesses
Liberty said offloading the companies would enable it to refinance and restructure the business and allow it to concentrate more on its Rotherham operations, which recycles old steel and employs around 660 people.
BBC News
By Simon Jack
image copyrightGetty Images
The UK s third largest steel maker, Liberty Steel, has announced plans to sell off its Stocksbridge steel plant as part of a restructuring plan.
It says the move will allow it to pay back one of its main creditors in full.
The announcement comes after a meeting over the weekend in Dubai between Liberty boss Sanjeev Gupta and representatives of Credit Suisse.
The investment bank lost more than £1bn when Mr Gupta s main financial backer Greensill Capital went bust in March.
Mr Gupta is now struggling to finance his UK operations, and 5,000 steel jobs at Liberty hang in the balance.
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