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Liberty Steel will sell special steel plant to pay off creditor

Ukraine / Europe

The move will allow Liberty to focus on its Rotherham plant, which recycles scrap steel into a new billet.

Liberty Steel will sell special steel plant to pay off creditor

Liberty Steel, the UK's third largest steelmaker, has announced plans to sell its Stokesbridge steel mill as part of a restructuring plan that says the move will pay off one of its major creditors in full.

The announcement came after a weekend meeting in Dubai between Liberty chief Sanjeev Gupta and Credit Suisse officials.

Credit Suisse has agreed to suspend the trial of Mr. Gupta's empire while the Stokesbridge plant is sold.

The sale will also include processing subsidiaries, including a narrow-band mill at Brinsworth and West Bromwich, which will be relaunched shortly.

The aerospace industry is the main customer of the Stokesbridge plant, and due to the acute crisis in the industry, the demand for steel produced at the plant has plummeted.

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