Luxembourg-based steelmaker Liberty Dudelange, a subsidiary of UK-based Liberty Steel, has been declared bankrupt by the Luxembourg Commercial Court, according to media reports. Liberty Steel has declined to comment on the issue.
The company’s operations at the Dudelange plant have been halted for almost two years. As the European steel market is slowing down, it became harder for the company to find buyers for the Dudelange and Liège plants.
The bankruptcy decision will allow almost 150 employees, who have not received their salaries for two months, to seek compensation. The employees were maintaining the equipment installations and carrying out overhauls with a view to attracting a potential buyer.