Posted on 25 May 2021
Liberty Steel has confirmed that it plans to sell its UK-based aerospace and special alloys steel business with its main operations in Stocksbridge, Kallanish reports.
The sale will include the steelmaking plant in Stocksbridge together with the narrow strip mill in Brinsworth and the performance steels plant in West Bromwich. The mills not considered core to the future of Liberty Steel's group.
The sale will be part of the attempts of the group to refinance its operations after the collapse of Greensill Capital. The group is also said to be re-negotiating with Credit Suisse and the bank could stop proceedings against Liberty while the sale is concluded.
No more information on the possible buyer and the value of the business have been released. Earlier last week British media reported that Chin's Jingye Group, owner of British Steel, had expressed its interest in Liberty Steel assets in the UK.
The sale of the aerospace business should allow the company to focus its attention to develop further the 2mt/year EAF-based Rotherham plant.
Source:Kallanish
