- Press Release
Liberty saves Steel plants with help of Scottish Government
Liberty House has secured an agreement with Scottish Government Ministers to acquire the TATA Steel plants at Dalzell and Clydebridge.
A ‘back to back’ agreement was confirmed this morning [Thursday 24th] which involves the Scottish Government buying the plants from TATA Steel and then immediately selling them on to Liberty on the same terms, incurring no cost to the taxpayer.
Liberty in turn takes responsibility for reopening, operating and investing in the two sites as part of its wider strategy to build an integrated and sustainable steel business across the UK.
Business Minister Fergus Ewing said: “When TATA Steel mothballed the Dalzell and Clydebridge plants, I said we would leave no stone unturned in the quest to find an alternative buyer. That is why we established a Scottish Steel Task Force and why I am delighted that our support for the steel industry has paid off.
“Liberty has a proven track record in the UK steel industry and has ambitions to make these plants viable and successful. It’s a huge tribute to the calibre of the highly skilled workforce, and the efforts of everyone on the Task Force, that Liberty recognise the tremendous potential of Scottish steel.”
Sanjeev Gupta, Executive Chair of Liberty House Group said: “This agreement saves two great facilities in Scotland. Now we must turn our attention to restoring these businesses to their former glory, steadily rebuilding their skilled workforces and customer base. Clydebridge and Dalzell will fit well into our vision for an integrated, flexible and sustainable steel sector, from recycled local scrap using renewable energy making GREEN STEEL, to value added downstream and engineered products. Liberty is in a strong position to invest in the future of this industry and that is what we will be doing here in Scotland and across the UK. We’re grateful for the support of the Scottish Government and Scottish Enterprise in enabling us to reach this very positive historic agreement.
This is our first step in Scotland, a beginning of a exciting new journey, we will build a solid base here and expand all our verticals as we are doing already in Wales and England.”
Latest NewsView All
GFG Alliance issues update on restructuring and refinancing progress
GFG Alliance agrees debt restructuring for LIBERTY Primary Metals Australia with Credit Suisse Asset Management GFG Alliance to inject £50...
GFG issues operating update as work continues to stabilise and move the business forward
GFG Alliance (GFG), owner of LIBERTY Steel Group, today reports further progress in its operational performance as well as the...
LIBERTY Powder Metals marks key milestone with appointment of leading UK stockholder, Righton & Blackburns Limited
LIBERTY Powder Metals appoints first distributor as part of strategy to build global distribution network Righton & Blackburns Limited appointed...
LIBERTY Steel Newport extends successful business turnaround
LIBERTY Steel’s Newport mill continues to make significant progress, achieving its best financial results for the first quarter, with the...