Statement – Liberty Steel

“Our members at Liberty Steel have endured far too much turbulence and uncertainty over recent years as a result of the erratic and irresponsible way the company has been run. Failed restructuring plans and broken promises from the company have become a familiar, demoralising pattern, and things simply can’t go on as they are.

“Ever since the collapse of Greensill Capital, we have worked with the company in good faith, even when refinancing deadlines have been missed. Our patience has now run out.

“Liberty Steel’s plants are strategically important sites for the UK steel industry and the country as a whole, and these assets must be secured.

“New, responsible ownership is needed to give the business the brighter future it needs and deserves, and that can only be achieved with a decisive change at the top. Enough is enough – Sanjeev Gupta must invest in the business or step aside.”

“I have listened to my constituents in Stocksbridge and agree with them that it is time for Gupta to go. He has run out of road; his chaotic ownership must end now. Our Stocksbridge Speciality Steels site needs new, competent ownership to maximise its potential, so that the business has a real chance for success.

“As I said in Parliament earlier today, Stocksbridge Speciality Steels has strategically significant, highly specialist capability, to produce world-leading steel, crucial to our national defence, aerospace, and energy industries. The site employs 650 people and has an excellent skills training centre.

“I know the capability of the site, the extraordinary ability of the workforce and the exceptional quality steel produced in Stocksbridge. What we need now is a new owner to come forward and restore the glory of a site which has proudly made steel in our constituency for over 180 years. This is an exciting investment opportunity, and these works are part of the strategically important South Yorkshire Steel Corridor.”