The Gupta Family Group, whose wider interests include the international energy, metals, industrial and trading groups SIMEC and Liberty House, has announced that it is aiming for further expansion of its fast-growing Liberty Steel business following the purchase of key assets, including a rod and bar mill and electric arc furnace, from the former steelworks based at Sheerness Docks in Kent.
The company stated that it is eager to move the equipment to Newport, South Wales in order to add scrap-melting and rod and bar making facilities to Liberty’s existing hot rolled coil capacity there; creating up to 1,000 direct and potentially 3,000 indirect jobs in the process. However, executive chairman of the Liberty House Group, Sanjeev Gupta, warned that the current cost of UK energy, and insecurity of supply, could delay the project, and may even force them to move the plant overseas instead since this is an energy-intensive business. Mr. Gupta pointed out that if the situation regarding future UK energy costs and security of supply doesn’t become clearer, the company may move the plant to India or the US because both of the countries offer healthy market demand, positive government support and energy security.
The plant from the Sheerness site, which closed in 2012, includes an 800,000-mt a year mill to make rod and rebar, an advanced 115-mt capacity electric arc furnace with casters to melt scrap and make semi-finished steel.