Business secretary criticises 'financial engineering' at Liberty Steel | Steel industry

Last modified on Tue 25 May 2021 23.37 EDT
The UK business secretary has criticised the use of “financial engineering” and debt by Sanjeev Gupta’s Liberty Steel as the steelmaker prepares to sell off several plants.
Kwasi Kwarteng said there was “healthy interest” and a “viable future” for the UK plants Liberty Steel has put up for sale, in comments to MPs on Tuesday.
Liberty Steel has been in crisis since March after the collapse of Greensill Capital, a financier that had lent companies under Gupta’s GFG Alliance banner as much as $5bn (£3.5bn). The collapse has prompted a scramble for new lenders as Greensill’s backers try to recover their money.

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