Liberty Steel’s two electric arc furnaces in Rotherham have now been ‘idle’ for nearly a year – as unions hold talks about its perilous position with billionaire owner Sanjeev Gupta.
Liberty’s subsidiary Specialty Steel UK faces a winding-up petition, and trade unionists want Gupta to step aside. Community Union leader Roy Rickhuss met Gupta yesterday.
Specialty Steel UK (SSUK) employs 1,450 people in the North, Midlands and Scotland. Chris Williamson, union secretary at Rotherham, said: ‘We feel like we’re being wound down.’
Liberty said it had covered wages, maintaining the sites and sustaining the business, costing £200million, adding: ‘We’re working on all viable solutions to ensure a long-term future for Specialty Steel.’
Liberty’s owner is being pursued by creditors, led by administrators for Greensill Capital, which collapsed in 2021 having lent Gupta’s firms £3.6billion.
If wound up on July 16, the Official Receiver would take control of SSUK and seek a buyer.
Talks: Liberty Steel’s electric blast furnaces in Rotherham (pictured in 2018) have been idle for almost a year
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