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Steel Jobs Saved As Caparo Business Sold

Steel Jobs Saved As Caparo Business Sold

More than 300 jobs have been saved with the sale of a business from the Caparo steel group, administrators have annnounced.

PwC said Caparo Tubular Solutions had been sold to the Gupta family, whose interests include the Simec and Liberty House groups.

Caparo Tubular Solutions includes the businesses of Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.

Robert Moran, partner at PwC leading the Caparo sales process, said: "The sale of Caparo Tubular Solutions is a major boost for the Midlands economy, the employees of Caparo and more widely for the UK steel industry.

"This deal preserves all 333 jobs at Caparo Tubular Solutions, which manufactures, distributes and supplies advanced tube components and parts for the automotive and aerospace industries in the West Midlands and South Wales."

Russell Farrington, regional organiser for the GMB union, said: "This is a sliver of good news for workers in the steel industry.

"GMB warmly welcome this for the Caparo workers we represent in the West Midlands. We have made progress on the energy prices front for the UK steel industry. We now need action on dumping."

Unite national officer Harish Patel said: "This is a welcome move. Unite will be working with the new owners to ensure jobs are secured in the UK for the long term.

"We will also be seeking assurances and commitments from the new owners on investment and training which is so crucial to sustaining skilled, well-paid jobs in our manufacturing sector."

It brings to 488 the number of Caparo staff whose jobs have been safeguarded with the sales of the group's businesses since it went into administration last month.

The move was a further blow to the struggling industry following the end of 170-years of steelmaking on Teesside when SSI collapsed.

Manufacturers say cheap Chinese imports are primarily to blame for the crisis.