UK-based steelmaker Liberty Steel has launched a restructuring plan for its subsidiary Specialty Steel UK (SSUK), subject to the approval of all creditors.
Liberty Steel stated that, even though SSUK’s focus on the production of specialty steel grades for several industries including aerospace, defense and energy has minimized the challenges in terms of competitiveness caused especially by high energy costs, its high debt has hampered its operational viability.
As a result, the plan will help SSUK to significantly reduce its debts and increase its capacity to meet demand in the future. Following its implementation, the company will be able to attract new investments and expand its product portfolio into strategic steel segments. Also, the plan will not affect any SSUK employees.