Liberty House has announced that it will be creating 300 new production jobs in Yorkshire, as it completes its takeover of one of Tata Steel’s speciality divisions - a deal which will also safeguard around 1,700 existing Tata jobs.
The international industrials and metals group on Tuesday said that it was committed to “multi-million pound investments” to secure the future of five sites across the North of England and West Midlands.
Global steel prices have endured a slump in recent years, causing financial distress for producers and putting hundreds of jobs at risk.
Indian-conglomerate Tata announced last March that it was looking to sell all of its UK businesses after years of losses, plunging the sector into crisis and prompting Liberty's bid for the speciality division.
On Tuesday, Liberty said that jobs will be protected at three major sites in Rotherham, Stocksbridge and Brinsworth in South Yorkshire, as well as at smaller sites in Bolton, Lancashire and Wednesbury in the West Midlands, and at two distribution centres in China. The 300 new jobs will be production roles.
Liberty also said that it would invest up to £20m in new plant and equipment over the next year, to bolster competitiveness and secure international market leadership for the business.
The announcement coincides with the completion of Liberty House’s £100m takeover of the speciality steels division of Tata Steel UK, which produces steel used in the manufacturing of vehicles, aircraft, industrial machinery and equipment for the oil and gas industry. The business will be relaunched as Liberty Speciality Steels.
“By investing to acquire Speciality Steels we are casting a big vote of confidence in the future of British industry,” Sanjeev Gupta, executive chairman of Liberty House said.
He said that “with the right business model and an innovative approach, the UK steel and engineering sectors can recover and thrive”.
“The Government is now pursuing a new post-Brexit industrial strategy and steel must be at the heart of that strategy,” Mr Gupta added.
The deal will make Liberty House one of the largest steel and engineering employers in the UK with over 4,500 workers.Reuse content