High UK Energy Costs Could Force Steel Work Overseas, Warns Company

  • Date: 03/03/16
  • Ben Glaze, The Mirror

A steel firm is threatening to move key equipment and jobs abroad – blaming Britain’s sky-high energy costs.

The owners of Liberty Steel could shift production to India or the US – depriving the UK of up to 3,000 jobs, including a thousand highly-skilled posts in the struggling sector .

The Gupta Family Group wants to move equipment from a former steelworks in Kent to its plant in South Wales.

But the company warned the current cost of energy and insecurity of supply could delay the project and force it to move the factory overseas.

Executive chairman Sanjeev Gupta said: “Under the terms of our agreement with the sellers, we need to move the plant from its current location by June.

“Using it to expand Newport is our preferred option, but this is an energy-intensive business so, if the situation regarding future UK energy costs and security of supply doesn’t become clearer by then, we may have to consider moving the equipment outside the country.

“India and USA are alternative options.”

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