Corinth Pipeworks to acquire LSAW pipe mill in the UK

According to Corinth Pipeworks, this strategic acquisition "marks an important 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".

Liberty Pipes Hartlepool boasts a rich legacy of supplying high-performance pipe solutions to global energy giants such as Shell, BP, Total and Equinor as well as leading subsea engineering firms like Subsea 7 and Saipem. This facility is a significant asset for the UK, aligned with government priorities in infrastructure renewal and decarbonization, through the use of hydrogen and carbon capture and storage (CCS). Trends in reshoring and national supply chain resilience further enhance its growth potential.

The sale to Corinth 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, maximise asset value and enhance industrial activity in Teesside.

LIBERTY Pipes Hartlepool recently completed a major order for the NZT/NEP Teesside carbon cluster project, producing 105 kms or 51,000 tonnes of steel pipe. The company is working on an exciting sales pipeline encompassing carbon capture, hydrogen infrastructure, LNG and oil and gas projects across the UK, EU, Americas, the Middle East and Asia.

Jeffrey Kabel, LIBERTY Steel's chief transformation officer, said:

"LIBERTY has done everything possible during challenging times to maintain production for LIBERTY Pipes Hartlepool and lay the foundation for a successful future business. We believe that now is the right time for new ownership and are pleased to have secured a major industrial buyer in Corinth that will open future growth opportunities and deliver a long-term sustainable business. LIBERTY Pipes Hartlepool has enormous potential to take advantage of international opportunities across the energy supply chain and we look forward to seeing its future success."

Corinth Pipeworks is owned by Cenergy Holdings and headquartered in Marousi, Greece. The company works with major energy companies across the globe on highly demanding projects. Steel pipes manufactured by the company in the last 15 years would cover more than half the Earth's perimeter.

Alexis Alexiou, CEO of Cenergy Holdings said: “Cenergy Holdings and Corinth Pipeworks are often associated with tackling complex steel pipe projects, so acquiring this asset marks a noteworthy achievement for us. With new LSAW pipe production capabilities - which are valued for their mechanical strength, high quality and suitability for critical high pressure uses - we’re expanding our potential. By merging our global expertise with a top tier mill and skilled workforce we can provide tailored solutions to clients worldwide."

Ilias Bekiros, general manager of Corinth Pipeworks, said that the acquisition of Liberty Pipes Hartlepool will double CPW’s LSAW capacity, enabling the company to undertake major projects worldwide. The move further strengthens the company's position as a leading manufacturer of pipes for demanding deep offshore applications, supported by an exceptional track record in the industry."

Paul McKenna, national secretary for steel at the Community Union, said he welcomed today's legal confirmation that the sales process for Liberty Pipes Hartlepool has now been finalised 'and that our members' salaries will now be paid securely and in full.

"We look forward to meeting with the new owners Corinth Steel, a company with extensive experience in producing steel pipes and hollow sections for energy and construction," he said, adding "we hope to hear more from Corinth on their proposals for the future of the works as soon as possible. After so much uncertainty recently, Hartlepool deserves stable, responsible leadership.

"As we've said before, Hartlepool has huge potential and superb facilities already in place. With the right plan in place, there's every opportunity for the works to get the bright future it deserves.