Liberty Steel Group has agreed to restructure and refinance its operations in the UK. The plans include the sale of three factories that the company does not consider important for its activities.
Liberty Steel, which also owns a steel mill in Ostrava, is now struggling to survive the collapse of its main credit partner.
Liberty intends to sell its aerospace and special alloy business to Stocksbridge as part of the restructuring, the company said.
The British company announced that Liberty has also officially started selling Liberty Aluminum Technologies and Liberty Pressing Solutions.
Earlier this month, Liberty has already established a committee to restructure and refinance the group. This was triggered by the collapse of Greensill Capital, the largest lending partner that went bankrupt in March.