You are here: Home > Steel News > Latest Steel News > Liberty...

Liberty Steel to restructure Specialty Steel UK

Tuesday, 12 November 2024 13:38:33 (GMT+3)   |   Istanbul

UK-based steelmaker Liberty Steel has launched a restructuring plan for its subsidiary Specialty Steel UK (SSUK), subject to the approval of all creditors.

Liberty Steel stated that, even though SSUK’s focus on the production of specialty steel grades for several industries including aerospace, defense and energy has minimized the challenges in terms of competitiveness caused especially by high energy costs, its high debt has hampered its operational viability.

As a result, the plan will help SSUK to significantly reduce its debts and increase its capacity to meet demand in the future. Following its implementation, the company will be able to attract new investments and expand its product portfolio into strategic steel segments. Also, the plan will not affect any SSUK employees.


Similar articles

Liberty Steel loses control over eastern European assets to ArcelorMittal amid unpaid debt

28 Nov | Steel News

Liberty Steel to mothball merchant bar plant

08 May | Steel News

Liberty Steel to restructure steel operations in UK

29 Mar | Steel News

Liberty Pipes Hartlepool to supply line pipes for energy infrastructure development project

15 Mar | Steel News

Trade unions call on GFG to be fully transparent amid concerns over European capacities

12 Feb | Steel News

Liberty Steel and UAE’s AD Ports Group cooperate on high-quality magnetite ore imports

12 Dec | Steel News

Liberty Pipes Hartlepool to supply pipes for two North Sea offshore projects

23 May | Steel News

Liberty Pipes Hartlepool becomes first to produce line pipe for hydrogen in UK

11 May | Steel News

GFG Alliance acquires Aartee Bright Bar to secure local jobs

20 Feb | Steel News

Liberty Steel UK to begin next restructuring phase, to focus on high-margin products

13 Jan | Steel News