Greek based steel pipes producer, Corinth Pipeworks, has acquired Liberty Steel Hartlepool, the UK-based steel manufacturer of longitudinally submerged arc-welded (LSAW) linepipe, part of Liberty Steel that is in administration, the two companies announced in separate statements March 5.
The acquisition was signed March 4 between Corinth Pipeworks UK Ltd., a wholly owned subsidiary of Corinth Pipeworks S.A. (CPW) and the joint administrators appointed by the Business and Property Courts of England and Wales in London, acting as agents of Liberty Pipes Hartlepool Ltd. in Administration, for GBP 10 million ($8.61 million).
“The sale to Corinth, one of the world’s leading manufacturers of steel pipes for energy and construction, followed a competitive sales process to identify an investor that would position the business for new growth opportunities. The transaction has been structured to ensure continued production at Hartlepool, safeguard skilled employment, maximize asset value and enhance industrial activity in Teesside,” Liberty said.
Corinth Pipeworks, owned by Cenergy Holdings and headquartered in Marousi, Greece, said the acquisition marked a “milestone in the steel pipe segment’s long-term growth plan by increasing its capacity and strengthening its position as a key supplier to the global energy sector.”
Platts, part of S&P Global Energy, assessed steel hot rolled coil DDP West Midlands at GBP530/mt ($706/mt), up GBP5/mt week over week.
