Indian-origin steel tycoon Sanjeev Gupta revives mothballed Tata unit in UK
Indian-origin businessman Sanjeev Gupta today reactivated a unit at one of his British steelworks mothballed by Tata Steel UK at the height of a crisis in the global steel industry.
Gupta’s Liberty Speciality Steels in South Yorkshire region of England re-opened the ‘small bloom’ caster at its Aldwarke works in Rotherham more than 18 months after it was shut down by the previous owner Tata SteelBSE 0.23 % UK.
The move, which will see red hot strands of steel being produced at the unit once again, has the potential to create 150 new jobs over the next few months.
“Speciality Steels is an operation of the highest international calibre with highly-skilled people. We’re investing to ensure this business can capitalise on growing opportunities and reclaim its leading position in the market,” said Gupta, executive chairman the global GFG Alliance of which Liberty is a key component.
Liberty purchased the 1,700-worker Speciality Steels business from Tata Steel UK in May and began an initial 20- million-pound investment programme to boost output by repairing and upgrading mothballed machinery, adding new equipment and generating a total of 300 new jobs.
The company said the re-commissioning of small bloom caster equipment and an associated coiler at the neighbouring Thrybergh mill has already created 64 new jobs.