LIBERTY Steel Newport Extends Successful Business Turnaround
LIBERTY Steel’s Newport mill continues to make significant progress, achieving its best financial results for the first quarter, with the outlook for the second quarter looking even stronger. The business improved profitability last year despite challenging market conditions caused by Covid-19. LIBERTY Steel Newport’s Managing Director Mr Michael Perry said “Demand for our product is strong with the construction sector bouncing back from the impact of Covid-19 and we’re looking forward to setting more production and sales records over the coming months. It’s a great team here going from strength to strength.”
Newport East MP Ms Jessica Morden said "I commend everyone at Liberty Steel in Newport on such a strong performance during challenging times. This is a real testament to the great local management at the site and the dedication of the skilled and experienced workforce. The steel sector in Newport East is an asset to the regional economy and our community, and this will continue to be the case as the country looks to recover from the effects of the pandemic."
Strong sales along with a much-improved operational performance have put the business on a profitable footing. LIBERTY Steel invested just over GBP 2 million last year in modernising the Newport plant and this has continued with GBP 1.1 million spent in the first three months of this year. Investments include new gas furnace software and controls to lower gas consumption and reduce the plant’s carbon footprint.
LIBERTY Steel’s parent group GFG Alliance acquired the mothballed Newport mill, its first industrial acquisition, in 2013 and took the decision to pay employees half of their salaries while market conditions improved before reopening the site in October 2015. LIBERTY Steel Newport manufactures hot rolled coil for use in the UK manufacturing and construction sectors.