- Wednesday, April 24, 2024
By: Sarwar Alam
Liberty Steel Group on Thursday (9) said it planned to cut 355 British jobs following a drop in demand for UK steel products.
Part of the Liberty House Group founded by India-British billionaire Sanjeev Gupta, the steel unit will axe roles at factories in northern England and Wales.
“Liberty has concluded… that there is a need to reduce its workforce in South Yorkshire and South Wales in order to ensure the long-term viability and competitiveness at these locations,” a statement said.
“Subject to consultation with unions, this may result in a reduction of 355 jobs.”
Cornelius Louwrens, chief executive of Liberty Steel UK, added that although the group had “taken enormous strides in improving the performance of the steel mills it has acquired over the last six years…. Unfortunately, the steel industry in the UK is facing challenging conditions”.
Britain’s steel sector has struggled for some time and endured a tough 2019 faced also with fierce Chinese competition.
But in November, Chinese industrial giant Jingye Group agreed to buy bankrupt British Steel in a rescue deal that potentially saves thousands of jobs.
bcp/jh
© Agence France-Presse
Add to cart Print Download Share this document Copy the content
