The ongoing dismantling of Sanjeev Gupta's British steel empire has taken another significant step forward with the accelerated sale process for Liberty Steel's Hartlepool-based pipes division. This unit, which manufactures steel pipes for major oil and gas corporations including BP and Shell, has been formally put up for sale, with bids being actively sought within the next fortnight.
Accelerated Sale Process Underway
Sky News has learned that advisers from BTG Advisory, also known as Begbies Traynor, have been appointed to manage the sale of the Liberty Pipes business. The company, which employs approximately 170 people at its Hartlepool facility, has been loss-making in recent years despite counting energy giants like Equinor among its customer base.
Prospective buyers have already been approached in recent days as part of this accelerated timeline. The sale represents another chapter in the gradual unwinding of Mr Gupta's complex business network, which has faced severe financial challenges in recent years.
Broader Empire Unravelling
The Liberty Pipes division forms part of Mr Gupta's Liberty Steel Group, which itself operates under the umbrella of the embattled GFG Alliance. This latest development follows last summer's liquidation of the bulk of Mr Gupta's British operations, known as Speciality Steel UK (SSUK), after a judge declared them to be "hopelessly insolvent."
That separate sale process, overseen by the Official Receiver, has attracted interest from multiple parties including Arabian Gulf Steel Industries, EIG Global Trust, and 7 Steel. Interestingly, Mr Gupta himself has been exploring a potential bid with backing from American investment management giant BlackRock.
Tight Deadline for Bids
Bids for the Liberty Pipes business are understood to be required by 10 February, with the entire process targeted for completion by 20 February. The urgency of the situation raises questions about the unit's future viability should a suitable buyer not be found within this compressed timeframe.
A Liberty Steel spokesperson confirmed the accelerated sales process, stating: "The directors of Liberty Pipes Hartlepool have launched an accelerated sales process for the company and its assets to identify the right industrial or strategic investor to support continued production and deliver a long-term sustainable business."
Broader Industry Context
The sale comes amid broader challenges facing Britain's steel industry. The Liberty Pipes division recently supplied 51,000 tonnes of steel pipe to a major carbon cluster project on Teesside, though this project has faced criticism for placing separate orders for Chinese-made steel rather than British-produced materials.
This development coincides with political attention on the sector, as Sir Keir Starmer's recent visit to China was expected to include discussions about the future of British Steel, which is owned by China's Jingye Group but remains under UK government oversight.
The company maintains optimism about future prospects, noting an "exciting sales pipeline" encompassing carbon capture, hydrogen infrastructure, LNG, and oil and gas projects across multiple global regions including the UK, EU, Americas, Middle East, and Asia.
