AARTEE Bright Bar, a collapsed steel firm based in the West Midlands, is set to be merged with Liberty Steel Group after being purchased by Sanjeev Gupta’s GFG Alliance.
The steel tycoon has filed an application to challenge the administration and aims to restart operations to save the firm’s 250 staff.
Over time, Aartee’s business will be integrated into Liberty’s operations, reinforcing its UK transformation plan to produce specialist steel products.
Liberty Steel currently employs close to 200 workers in plants in Newport and Tredegar and has begun implementing a restructuring program to redeploy workers following rising energy costs.
The rescue deal is good news for workers, according to steelworkers’ union Community, which said that Aartee is a natural fit for GFG, which has about 35,000 staff in 10 countries.
The acquisition can safeguard jobs and important steel assets, reflecting the extreme pressures the industry is under, with thousands of jobs reliant on the future of the sector.
GFG’s application to challenge administration is being supported by a majority of business creditors.
