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Gupta's Liberty to cut UK steel output, vacate sites on high energy costs

As many as 440 jobs could be impacted by the plans, though Liberty will attempt to retain them through its furlough and redeployment program

Bremen-based Greensill Bank was shut down by regulator BaFin in March 2021 after it was unable to find evidence of the assets tied to GFG on its balance sheet. (Photo: Bloomberg)
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Bremen-based Greensill Bank was shut down by regulator BaFin in March 2021 after it was unable to find evidence of the assets tied to GFG on its balance sheet. (Photo: Bloomberg)

Eddie Spence | Bloomberg
Sanjeev Gupta’s Liberty Steel will cut production in the UK and idle some sites, as soaring energy costs threaten hundreds of jobs across the group.

Steel output at Liberty’s electric arc furnace in Rotherham will be reduced and replaced with imports from abroad. Two of the Liberty’s downstream production units — including a rolling mill in Newport — will be idled, the firm said in a statement Thursday.

As many as 440 jobs could be impacted by the plans, though Liberty will attempt to retain them through its furlough and redeployment program. High energy costs and cheaper imports