Home Business News Liberty Steel to sell Stocksbridge plant as part of major restructuring

Liberty Steel to sell Stocksbridge plant as part of major restructuring

by LLB Reporter
24th May 21 4:31 pm

Liberty Steel have announced today that they are to sell their aerospace and steel business in Stocksbridge as part of a major restructuring of the business.

Following the collapse of Greensill Capital in March this year the company has announced their restructuring plans.

Greensill Capital went in to administration and it was revealed by lawyers that there was around $5bn of exposure to Liberty’s parent company CFG Allinace.

Coventry’s Liberty Pressing Solutions, and Liberty Aluminium Technologies, which has sites in Essex and Kidderminster are also in a formal sale process.

Liberty said on Monday that the Stocksbridge business is a “unique, high quality business servicing marquee customers in aerospace, auto and other highly engineered applications.”

“The plant will make use of some of the millions of tonnes of steel scrap currently exported by the UK to make more of the quality steel needed in the UK, which is currently being imported,” Liberty added.

A spokesperson for the National Trade Union Steel Co-ordinating Committee said, “Stocksbridge and its downstream plants are strategically important businesses vital to our country’s defence, energy and aerospace sectors.

“The future for these businesses must be secured and the trade unions will hold Sanjeev Gupta to his promise that none of our steel plants will close on his watch.

“Liberty must act as a responsible seller and run a transparent sales process which fully engages the trade unions.

“We will expect to meet any potential buyer to scrutinise their plans and test their commitment to the workforce and our industry.”

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