Liberty Steel announces investments to reduce costs

[: en] Liberty Steel, a fully integrated steel producer and distributor, has announced plans to invest in EAF blast furnaces, despite the drastic cost-cutting measures announced last week.

Liberty Steel announced that it is targeting 20-30% efficiency gains by reducing costs and increasing productivity at existing facilities. The focus will be on operational improvements and cost optimization, he added.

In a note issued to his staff, GFG Alliance Executive Chairman Sanjeev Gupta noted that a proposed investment in a hot-rolled line in Newport is still pending. In addition, the company also plans to invest in Rotherham steel furnaces. In addition, the group intends to implement pilot projects to study the production of hydrogen steel at various production sites.

In the meantime, the company has embarked on sweeping cost-cutting measures, including job cuts, at its various businesses in response to modest market demand conditions due to the coronavirus pandemic. He recently began reviewing operations at his steel mill in Whyalla. Similar initiatives will be launched across the whole group where appropriate. However, he intends to minimize the impact on his employees as much as possible.

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