‘VERY strong’ interest in a potential buyout of a troubled steel plant has been revealed by leaders who have vowed to protect the industry.
Industry Minister Chris McDonald MP visited Liberty Speciality Steel which employs dozens of Barnsley residents after it was issued with a winding up order earlier this year.
Ex-bosses pulled away from a scheduled court date having revealed they had encountered difficulties in agreeing terms with creditors over a huge financial hole.
The business owes £289m to main lender Greensill Capital, £288m to sister companies, £23m to unsecured creditors, £10m to another lender and £7.7m in tax to HMRC.
South Yorkshire leaders have come together since, who say they will do everything they can to strike a deal to safeguard jobs and the ‘vital’ industry which supports people across the county.
Mr McDonald was accompanied on his visit by South Yorkshire Mayor Oliver Coppard and Penistone and Stocksbridge MP Marie Tidball, who have been campaigning for a positive outcome.
“We all met with workers, trade union representatives, managers and local partners to discuss the current work to secure a new buyer, protect jobs and local workers, and protect specialist capabilities,” she told the Chronicle.
“The government is offering full support to the independent official receiver during this all important next phase, including funding and ensuring the payment of employees’ salaries and pensions.
“Minister McDonald championed the work of highly-skilled and hard-working local steelworkers, and recognised their crucial role to deliver a brighter future for our steelworks.
“The Labour government has demonstrated steadfast commitment to UK steel, and after years of neglect, wants to see our domestic industry thrive with a strong and sustainable future.
“I have been fighting for steel since day one at its height we produced 15 per cent of global aerospace and defence steel.
“I know the incredible capacity our site and local workers have.
“Like anyone who has grown up locally, steel is in my veins.
“I’m so thankful to our local steelworkers and their families for remaining so dedicated and patient during an uncertain time.
As the local MP, I will always continue to fight to protect our steel site, its jobs and our world-class steelmaking capability.”
Mr McDonald added: “Speaking directly to the people who work here and live in local communities, I know that this process is really difficult and unsettling we went through something similar at Teesside where I’m from, but I am confident that we will get to a point where we have a new owner for the business.
“For me, it’s really important that it’s a responsible owner for the business, who will be investing to help the business grow.
“It’s vitally important that they are back up and running and invested in, so that we can grow our UK-wide steel sector again.”
