AN INTERNATIONAL steel firm based in Newport is to shell out £100 million to buy a series of facilities across the UK.

Liberty House Group has signed an agreement with Tata Steel to buy its Speciality Steels division, which employs 1,700 people in Yorkshire, the West Midlands and China.

Tata owns plants in Llanwern, Caerphilly, Port Talbot and elsewhere in Britain, but these have been at risk since the firm announced in March last year it was planning on selling its entire UK operation. Although the firm has since rolled back on the announcement, the future of the plants remains uncertain.

Liberty’s executive chairman Sanjeev Gupta said the purchase would allow the firm to move forward with its Greensteel project, which is working to produce steel through renewable processes.

“I am proud that we are acquiring a world-class business with a very skilled workforce and broad range of high-value products,” he said.

“It is one of only a handful of such operations in the world and I am confident it will flourish within our group.”

Chief executive of Tata’s UK division Bimlendra Jha welcomed the news.

“For Speciality Steels, which is largely independent of our European strip products supply chain, this is an important step forward in securing a future for the business under new ownership,” he said.

“Today’s news also marks another important step forward in realising a more sustainable future for our Port Talbot-based supply chain in the UK.”

The UK Government’s business, energy and industrial strategy secretary Greg Clark also welcomed the news, calling it “a great opportunity for Liberty House”.

“I look forward to hearing more about their expansion plans which secures skilled jobs at the business into the future.

“We want to work with the steel industry on proposals to transform and upgrade their sector as part of the modern Industrial Strategy so we can build on our strengths and extend excellence into the future.”

Speciality Steels employees will be consulted on the sale before it is finalised.