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HomeUK NewsLiberty Steel to sell seven UK plants employing 1,500

Liberty Steel to sell seven UK plants employing 1,500

The largest Liberty Steel plant in the UK, at Stocksbridge, near Sheffield, is among those being put up for sale by the businessman

UK Steel tycoon Sanjeev Gupta is selling seven UK plants employing 1,500 people in a restructuring following the collapse of the lender Greensill.

They include Liberty Steel‘s largest site in the UK, its aerospace and special alloys business that is located in Stocksbridge, near Sheffield, where 762 are currently employed.

Stocksbridge’s “downstream” sites at Brinsworth, near the town of Rotherham, employing 101, and West Bromwich, which currently has 167 workers, are also to be offloaded.

This comes after the jump in the UK’s inflation rate up to 1.5% in April from 0.7% back in March, means that consumer prices are increasing at their quickest rate since March of 2020 at the outset of the COVID-19 pandemic.

Gupta tells workers: ‘I will not give up on you – you are my family’

Meanwhile, its parent company GFG Alliance has begun the sale processes for Liberty Aluminium Technologies, as well as Liberty Pressing Solutions, which together employ a total of 475 people within Coventry, Kidderminster and Witham, in Essex.

Liberty Steel said that the Stocksbridge sale would be helping it to complete its UK restructuring, as well as its refinancing and will allow it to focus on its plant within Rotherham.

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A spokesperson has declined to add any further comment when they were asked about the prospects of a possible sale.

Last month, in an interview, Mr Gupta promised the company’s thousands of UK workers that are currently facing uncertainty of their futures, in the wake of the collapse of the company’s main lender Greensill Capital, that he would not be shutting any of its plants.

Currently, Sanjeev Gupta’s GFG business empire employs 5,000 people within the United Kingdom, including 3,000 employees at Liberty Steel.

Greensill has lent money to companies including Mr Gupta’s, by buying their invoices at a discounted rate.

Investors, including the clients of Credit Suisse, were among those who were left exposed to billions of pounds in potential losses by the collapse of the lender.

This comes after a major £30m project will test trees, peat, rock chips, and charcoal as ways of removing climate-heating carbon dioxide emissions. The planting of trees in order to offset carbon dioxide near Carlisle, Cumbria. Large-scale tree planting will be one of the many methods that are used as part of the project.

The latest announcement comes following talks over the weekend in Dubai involving Sanjeev Gupta and his restructuring team with Credit Suisse, which had resolved the future of Liberty’s business within Australia as well as “identifying a positive solution” for its operations in the UK.

Liberty said that it would protect thousands of jobs in the UK in its core “green steel” business that involves recycling scrap metal within a process that is powered by renewable energy sources.

Earlier this month, the Serious Fraud Office had said that it was looking into the GFG businesses, including links with Greensill.

Eve Cooper
Eve Cooper
I've been writing articles and stories for as long as I can remember and in the past few years I've had the fortune of turning that love & passion for writing into my job :)

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