Liberty Steel unveils restructuring plan for speciality steel UK division

LIBERTY Steel has announced a comprehensive restructuring plan for its Speciality Steel UK (SSUK) business, marking a pivotal step in its strategy to recover and position for sustainable, long-term growth. The plan, initiated under Part 26A of the Companies Act 2006, aims to streamline the company’s financial structure by reducing debts and bolstering its ability to meet future market demands.

The restructuring plan is designed to alleviate SSUK’s financial burdens and improve overall financial health, facilitating the attraction of new investments and the expansion into strategic steel segments with a focus on environmentally responsible products. LIBERTY Steel has received support for the plan from major customers, highlighting industry confidence in the company’s direction. All creditors will have the opportunity to review the detailed proposal and participate in a vote on the plan.

Importantly, the company has clarified that the restructuring will not impact SSUK employees, ensuring job stability during the transition.

Jeffrey Kabel, Chief Transformation Officer of LIBERTY Steel Group, expressed optimism about the plan, stating, “After making significant progress to stabilise the business and refocus it on high-value specialist products, we’re now addressing the debt position of the company to create a stronger speciality business going forward. Our plan, which is backed by customers, is the best route forward for all stakeholders and we’re confident in winning the support of our creditors for the essential actions required to complete SSUK’s recovery.”

LIBERTY Steel’s leadership emphasises that the restructuring represents a significant step in its strategic efforts to secure a robust and innovative future for SSUK, with an emphasis on delivering high-quality, sustainable steel solutions.

Source and Photo: Liberty Steel