Hartlepool jobs could be saved by Liberty Steel bid to sell off other plants

A troubled steel company hopes to save thousands of jobs by selling off part of its business.

Monday, 24th May 2021, 3:56 pm

Liberty Steel which employs around 250 people in Hartlepool, is looking for a buyer for its aerospace and steel business in Stocksbridge, outside Sheffield, as part of a major restructuring.

The company has also started a formal sale process for Liberty Pressing Solutions, in Coventry, and Liberty Aluminium Technologies, which has sites in Essex and Kidderminster.

It will also try to sell its manufacturing facilities in Brinsworth, South Yorkshire, and in West Bromwich.

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Around 250 people work at Hartlepool's Liberty Steel plant.

Between them all, the plants for sale employ around 1,500 people.

It comes as part of a major restructuring following the collapse of its major financier, Greensill Capital, in March this year.

Liberty, whose Hartlepool premises are in Brenda Road, said on Monday that deals could protect thousands of jobs.

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.

By selling, Liberty hopes it can focus on scaling up its plant in Rotherham to make two million tonnes of green steel.

“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’s statement said.

The announcement follows a weekend of meetings in Dubai between Liberty Steel owner Sanjeev Gupta – once hailed as the hope of UK steel – and Swiss bank Credit Suisse.

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