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Scottish Steel Plants Saved
Issued at 2016-04-04
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According to reports, two Lanarkshire (Scotland) steel mills have been saved from closure. In a deal brokered by the Scottish government, metals group Liberty House agreed to purchase Tata Steel’s Clydebridge and Dalzell plants, which were scheduled to be shut down. The closures would have resulted in the loss of 1,200 jobs.
The facilities will remain open thanks to an unusual back-to-back deal, under which the Scottish government will buy the plants from Tata Steel before selling them to Liberty House. The agreement will avoid the lengthy process required for a transaction between two companies. Liberty House plans to invest in both mills.
Source: Industrial Heating
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