The company is now under the control of special managers appointed by the government’s official receiver.
Liberty Speciality Steel employs around 1,450 people and produces a wide range of specialist steels used in aerospace, defence, energy, oil and gas, and rail. Its products include components for aircraft carriers, military aircraft, power generation systems and other critical applications.
UK Steel Director General Gareth Stace stated:
“UK Steel welcomes the government’s recognition of the importance of the Liberty Speciality Steel assets. These assets produce high-quality specialist steels serving high-value markets. However, the low production levels of recent years have created major gaps in the domestic supply chain, which have been filled by imports. We hope to see these gaps quickly filled again with UK-made steel.
It is vital that a new owner is found swiftly, who can inject the necessary investment and working capital to restore production to previous levels. The government must also continue to strengthen trade defence and reduce energy costs to ensure the sustainability of Speciality Steels and the wider UK steel sector, so that steelworkers are spared the prolonged uncertainty faced by employees in South Yorkshire.”
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