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STEEL IN CRISIS THURS 24 OCT 2024
Continued uncertainty over the future of two Liberty Steel sites in South Yorkshire is placing thousands of jobs at risk and could bring an end to the industry in the region, writes John Highfield. Liberty - part of the struggling GFG Group - currently operates an Electric Arc Furnace steel-making furnace at its site at Aldwarke in Rotherham and a rolling and finishing plant at Stocksbridge in Sheffield. But all steel production at Aldwarke is currently suspended amid fears that Liberty is facing imminent collapse, with a winding up petition having been taken out against the company.
Around 700 staff at Aldwarke and a further 500 at Stocksbridge are believed to be on voluntary furlough, claiming a percentage of their salaries to stay at home, with some looking at the very real prospect of redundancy in the next few weeks.
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“A severe market downturn has hit steelmakers across the industry. Despite these challenges, Liberty has sought to preserve jobs and are focused on delivering profitable and sustainable production where viable, and trading intelligently to maintain cashflows. We are committed to battle through this difficult time for the industry to shape a stronger and more efficient business. Our Speciality Steel operations in south Yorkshire are focused on lower carbon emissions Electric Arc Furnace-based production supplying strategic aerospace, defence, and energy customers. The business has achieved major improvement in performance over the last 18 months by focusing on high-value specialist products, securing key customers’ support and taking steps to cut fixed costs and idle some unviable operations. It has been supported by significant injections of shareholder capital.”
A Liberty Steel spokesperson said:
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