Liberty Steel sells three factories in the UK

Liberty Steel has confirmed that it plans to sell its UK aerospace and special alloy steel business with its main operations at Stokesbridge.

The sale will include a steel plant at Stokesbridge along with a narrow-strip mill at Brinsworth and a high-grade steel plant at West Bromwich. The factories were not considered the core of the future of the Liberty Steel group.

The sale will be part of the group's attempts to refinance its operations following the collapse of Greensill Capital. The group is also said to be in talks with Credit Suisse and the bank may drop legal action against Liberty while the sale is complete.

More information about the potential buyer and the value of the business has not been disclosed. Earlier last week, British media reported that Chin's Jingye Group, owner of British Steel, had expressed an interest in Liberty Steel's UK assets.

The sale of the aerospace business should allow the company to focus on the further development of the 2 Mtpa EAF plant in Rotherham.