New owner of Hartlepool's Liberty Pipes is revealed as Corinth Pipeworks
The new owner of a steel mill has been confirmed.
Bosses at Liberty Steel last week revealed that a “major global pipe manufacturer” has been selected as the buyer of its pipe mill in Brenda Road, Hartlepool, where around 170 people are understood to work.
Liberty’s United Kingdom’s operations have faced uncertainty since its chief lender filed for administration in 2021.
The new owner of the pipe works is Corinth Pipeworks, part of the Greek-based Cenergy Group, in a deal that secures “a strong and sustainable long-term future for the business”.
A statement added: “The sale to Corinth, one of the world's leading manufacturers of steel pipes for energy and construction, followed a competitive sales process to identify an investor that would position the business for new growth opportunities.
"The transaction has been structured to ensure continued production at Hartlepool, safeguard skilled employment, maximise asset value and enhance industrial activity in Teesside.”
Corinth Pipeworks works with major energy companies across the globe “on highly demanding projects”.
Jeffrey Kabel, Liberty Steel’s chief transformation officer, said: "Liberty has done everything possible during challenging times to maintain production for Liberty Pipes Hartlepool and lay the foundation for a successful future business.
"We believe that now is the right time for new ownership and are pleased to have secured a major industrial buyer in Corinth that will open future growth opportunities and deliver a long-term sustainable business.
Cenergy chief executive Alexis Alexiou said Corinth was “merging out global expertise with a top tier mill and skilled workforce”.
He added: “Cenergy Holdings and Corinth Pipeworks are often associated with tackling complex steel pipe projects.
"So acquiring this asset marks a noteworthy achievement for us.
Paul McKenna, national secretary for Steel at Community Union, said “Hartlepool has huge potential and superb facilities already in place”.
He added: “We welcome today's legal confirmation that the sales process for Hartlepool has now been finalised and that our members' salaries will now be paid securely and in full.
“We look forward to meeting with the new owners Corinth Steel, a company with extensive experience in producing steel pipes and hollow sections for energy and construction.
“We hope to hear more from Corinth on their proposals for the future of the works as soon as possible.”