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HMRC has withdrawn its petitions to wind up Liberty Steel as the parent company revealed how further funds have been injected, saving thousands of jobs.

Significant progress with creditors has been flagged by the South Yorkshire giant, with interests across the country.

Strong international demand has ensured robust performance as work to restructure and focus on the core business continues.

Jeffrey Kabel, chief transformation officer, said: “We’re pleased to report good further progress in our negotiations with creditors including º£½ÇÊÓƵ’s HMRC. We are committed to repaying all creditors and this is an important step in enabling us to restructure and achieve long-term refinancing.

“Our core international businesses have continued to generate strong returns and achieve record production levels despite the sky-high energy costs facing energy-intensive industries across the º£½ÇÊÓƵ and Europe. We will continue to progress our efforts to refocus and refinance our operations for the long-term.”

Liberty has been under huge pressure since the collapse of major backer Greensill Capital.

A total of 3,000 jobs were understood to be at risk, with a headquarters and manufacturing plants in Rotherham, as well as Liberty Merchant Bar Scunthorpe, North Lincolnshire. Operations in the North East, Scotland, West Bromwich and South Wales complete the º£½ÇÊÓƵ portfolio, with sites in the US and Australia too under Sanjeev Gupta’s control.

After shutting down operations during the pandemic, its Greensteel electric arc furnace returned to production in October, operating at night to maximise efficiency.