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Sanjeev Gupta, the beleaguered metals magnate, has put large swathes of his UK empire up for sale in an attempt to save thousands of jobs and settle debts with Credit Suisse.The speciality businesses
British-based steelmaker Liberty Steel on Monday launched a major restructuring to sell part of its UK assets after the collapse of financier Greensill
Calls for plan B as Liberty Steel sale puts jobs under threat
Mon, 24th May 2021 20:39
(Alliance News) - The government must ensure a steel plant on the outskirts of Sheffield will remain open, the Labour Party has said, after Liberty Steel Group announced it was looking for a buyer for a number of sites.
London-based Liberty Steel announced on Monday that it is looking for a buyer for its aerospace and steel business in Stocksbridge as part of a major restructuring in the wake of its main financial backer, Greensill Capital Pty, collapsing in March.
The company has also started a formal sale process for Coventry s Liberty Pressing Solutions, and Liberty Aluminium Technologies, which has sites in Essex and Kidderminster.
Aluminium Technologies (Coventry) - 129 employees
Aluminium Technologies (Kidderminster) - 55 employees
Aluminium Technologies (Witham) - 66 employees
Liberty Pressing Solutions (Coventry) - 225 employees
Liberty said on Monday that it could protect thousands of jobs by restructuring the business.
The aerospace and special alloys steel business in Stocksbridge is “a unique, high-quality business servicing marquee customers in aerospace, auto and other highly engineered applications”, the business said.
However it is not a core part of Liberty’s Greensteel plan to create more environmentally-friendly steel.
By selling, Liberty hopes it can focus on scaling up its plant in Rotherham to make two million tonnes of green steel.