SEATTLE (Scrap Monster): Liberty Steel UK announced implementation of next phase of its restructuring programme, aimed at ensuring a sustainable future for its businesses and employees.
As part of the plan, the company, with support of major customers, will focus on high value alloy steel production at Speciality Steel UK (SSUK) sites in Rotherham, Stocksbridge and Brinsworth, with a view to breaking even in September 2023.
Liberty Steel aims to reduce primary production at Rotherham and feed the Rotherham, Scunthorpe, and Dalzell rolling and finishing lines with imported billet and slabs. Furthermore, it plans to idle LIBERTY Steel Newport and downstream processing facilities, and LIBERTY Performance Steel West Bromwich.
Meantime, it promised restart of idled plants and production as and when markets show improvement. Also, over the long term, it intends to grow Rotherham into a 2 million tonnes per year green steel facility. Despite injecting £200m of capital over the past two years, high energy costs have made the production of some commodity grade products at Rotherham and downstream mills unviable.
The above actions are likely to impact nearly 440 jobs across the business. The proposed actions will be implemented only in consultation with employee representatives, trade unions and the country’s government, it added.
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