21/04/2017 11:53 BST | Updated 22/04/2017 05:25 BST

British Steel Company Approaches Deal To Purchase US Steelworks

UK steel firm Liberty House is closing in on a deal to buy a closed steelworks in the United States.

It announced it has reached an agreement in principle with ArcelorMittal to purchase Georgetown Steelworks in South Carolina, following several months of discussion.

Liberty said once the deal is completed, the acquisition will give it the chance to reopen the business, which was an important part of the state's industrial infrastructure for 47 years before its closure in August 2015.

It would also mark the first significant step in Liberty's plan to make major investments in the US steel industry.

Sanjeev Gupta, executive chairman of the Liberty House Group, said: "This is a landmark day for Georgetown and its residents, particularly families with a previous stake in the steel industry who will now get a chance to rediscover what was lost.

"Our agreement in principle with ArcelorMittal opens the door to the eventual restoration of several hundred jobs, both directly and in the supply chain, and it gives this region's economy a new industrial focus.

"This is a key first step for us in the USA. We're keen to apply the same low-carbon 'Greensteel' vision here as we are doing in the UK."