Liberty Steel, a steel magnate providing a variety of state-of-the-art steel processing services to clients, has reportedly announced the commencement of a GBP 15 million investment scheme. The investment aims to procure new equipment and upgrade the current ones, at the HRC (Hot Rolled Coil) line of the Newport facility in South Wales.
The production of hot rolled coil, utilized in construction, automobile, and pipe production at the plant is estimated to double to approximately 370,000 mt per year, after the investment program comes into action.
Reportedly, Liberty Steel’s recent investment ensures GFG’s procurement of the 800,000 mt per year Bird Port and Cargo Services, a steel handling operator based in Newport, in July.
According to analysts, Liberty purchased the South Wales based Alphasteel plant in 2015. The first round of investment will conclude on 3rd September, which will encompass installation of avantgarde descaling equipment to improve product’s surface quality and scale up automation to boost processes, claim sources.
Tony Halbert, Operations Director, was quoted stating that the company is immensely encouraged by the progression at the mill, and a strong investment backing would empower it to serve current and new customers in the United Kingdom and other overseas locations.
According to trusted reports, Liberty Steel’s mid-term plan is to enhance production to 1 million mt at the mill in Newport, depending on imported chunk for feedstock, together with planning for setting up a renewable energy driven electric arc furnace.
Sanjeev Gupta, executive chairman, GFG Alliance has been quoted stating that it has been rather satisfying to watch Newport, the group’s debut steel producing asset, taking tremendous strides forward as a valued part of the GFG business.
Sources claim that Liberty Steel has experienced substantial delays in order deliveries for most of the year, making it evident that it has missed out on plentiful of the hot upticks in market rates.