Administrators in charge of troubled steel company Caparo Indudtries have sold a substantial portion of its remaining business and assets to Liberty Steel, saving over 620 jobs across the West Midlands.

Caparo Industries called in PwC as administrators in October, after the company was affected by a weakening steel market.

Since then, PwC has preserved more than 1,100 jobs at Caparo across the country.

The latest deal has saved jobs in Oldbury, Willenhall, Wednesbury, Leamington, West Bromwich, Cradley Heath and Dudley – and one more in Hartlepool.

A substantial portion of the remaining business was sold to the Gupta family, whose interests include the SIMEC and Liberty House groups.

Matthew Hammond, Midlands Region Chairman for PwC and Caparo lead administrator said: “We are delighted to have completed the sales, it is great news for the Midlands and the key manufacturing sites, particularly with so many skilled staff in these industries being given security at this time of year.

“This has been a complex and challenging assignment given the size and number of the business operations. Only by working alongside the talented Caparo people have we been able to achieve this result”.