Liberty House has formally completed a £100 million deal to take over Tata Steel’s speciality steels business.
The international industrial group announced the acquisition would create around 300 new steel jobs and secure 1,700 existing positions.
It said it would invest up to £20 million in new plant and equipment to make its high value steels, which are used in the manufacture of vehicles, aircraft, industrial machinery and equipment for the oil and gas industry.
The acquisition marks a major step forward for Liberty’s GREENSTEEL strategy as it gives the group the largest arc furnace capacity in the UK.
This is a key component in its plan to increase low carbon steel production by recycling metal in furnaces powered by renewable energy.
Liberty House’s sister company SIMEC is also considering investment in biodiesel generation at these sites.
Sanjeev Gupta, Executive Chairman of Liberty House said: “Today marks a step change for the Liberty House Group because we are taking on strategically important capacity that will drive expansion in the years ahead.
“It will help us achieve our GREENSTEEL vision and facilitate investment in engineering products, thereby reducing the supply chain gaps in the UK, especially in automotive and aerospace sectors.”