UK-based Liberty Steel Group has announced that its Newport plant, which produces HRC to be used in the UK manufacturing and construction sectors, achieved its best financial results for the first quarter, with the outlook for the second quarter looking even stronger. The business improved profitability last year despite challenging market conditions caused by the coronavirus.
According to the company’s statement, strong sales and improved operational performance allowed the plant to achieve profit. Liberty Steel invested over £2 million last year in modernising the Newport plant and this has continued with £1.1 million spent in the first three months of this year, as SteelOrbis understands. Investments include new gas furnace software and controls to lower gas consumption and reduce the plant’s carbon footprint.
“Demand for our product is strong with the construction sector bouncing back from the impact of Covid-19 and we’re looking forward to setting more production and sales records over the coming months,” Michael Perry, Liberty Steel Newport’s Managing Director, commented.