Sheffield MP says threatened jobs are “vital” to the city’s future

Liberty Group is the parent company for Stocksbridge Speciality Steels, which has a skilled workforce producing high value specialist materials that are sold worldwide.

Liberty owns 12 steel plants in the UK including Rotherham and Stocksbridge, which has a workforce of 762.

But Liberty’s lender has filed for administration. Greensill Capital lends money to businesses so they can pay their suppliers and one of its major customers is GFG Alliance, which owns Liberty.

The lender has “fallen into severe financial distress,” according to its lawyers, who have appeared in court to appoint administrators.

Miriam Cates Conservative MP for Penistone and Stocksbridge, says she is working closely with unions, management and the Government to do “whatever is possible” to help secure a strong and profitable future for Speciality Steels.

“Over recent weeks it has become clear that the parent company, Liberty Group, are facing funding challenges, and I’ve been in frequent contact with the Speciality Steels management team, as well as having calls with ministers and officials in Government on a daily basis.

“Last week I had a meeting with Kwasi Kwarteng, Secretary of State for Business, who assured me that the Government is closely engaged in the situation, and I will be meeting him again tomorrow.”

Ms Cates said she understood it was an uncertain time for employees and their families.

“The jobs are highly valuable to our community. This morning I spoke to the local Community Union representative to hear employees’ concerns, and I continue to offer them my full support.

“I am continuing to advocate that – regardless of the challenges Liberty is facing – Speciality Steels is an asset of national importance and it has unique capabilities to produce the materials we need now and in the future.

“We must retain and invest in the UK steel industry and Speciality Steels has an important role to play in this.

“I firmly believe steel is not just an important part of Stocksbridge’s history, it should also be a vital part of our future.”