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JSW Steel Denies Liberty Asset Bid as Mill Plans India Expansion
May 24 2021, 6:13 PM
May 24 2021, 4:19 PM
May 24 2021, 6:13 PM
(Bloomberg) Indiaâs most valuable steelmaker is ruling out overseas acquisitions and is instead focusing firmly on its home market, with a $3.4 billion plan to sharply boost output.
(Bloomberg) Indiaâs most valuable steelmaker is ruling out overseas acquisitions and is instead focusing firmly on its home market, with a $3.4 billion plan to sharply boost output.
JSW Steel Ltd., whose quarterly profit soared to a record high on a sharp rally in prices and robust demand, denied a Reuters report that itâs weighing a bid for Liberty Steel Groupâs assets. It also expects exports to surge as India grapples with a devastating coronavirus outbreak and Chinaâs production curbs ease competition, according to Joint Managing Director Seshagiri Rao.
Calls for plan B as Liberty Steel sale puts jobs under threat
Mon, 24th May 2021 20:39
(Alliance News) - The government must ensure a steel plant on the outskirts of Sheffield will remain open, the Labour Party has said, after Liberty Steel Group announced it was looking for a buyer for a number of sites.
London-based Liberty Steel announced on Monday that it is looking for a buyer for its aerospace and steel business in Stocksbridge as part of a major restructuring in the wake of its main financial backer, Greensill Capital Pty, collapsing in March.
The company has also started a formal sale process for Coventry s Liberty Pressing Solutions, and Liberty Aluminium Technologies, which has sites in Essex and Kidderminster.
EnergyLiberty Steel to sell UK assets, in talks with Credit Suisse
Reuters
2 minute read
The Liberty Steel flag flies over the steel plant in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo
Tycoon Sanjeev Gupta s Liberty Steel Group said on Monday it would sell several UK assets and was holding talks with Credit Suisse about a standstill deal for its Australian unit after the collapse of Liberty s key lender Greensill Capital.
Gupta s family conglomerate had been seeking refinancing of its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.
The near-collapse of Liberty, which has sent shockwaves through Britain s steel industry, came after its major lender Greensill tumbled into administration in March.
Gupta, 50, is being investigated by the SFO over suspected fraud, fraudulent trading and money laundering and GFG s financing arrangements with Greensill.
The planned sale of various Liberty plants came after representatives from Credit Suisse, which is owed millions of pounds by GFG through Greensill, met with Gupta in Dubai where he has holed up during the pandemic.
In tense talks throughout the weekend, Credit Suisse and Gupta (pictured) made significant progress in agreeing a deal to get the bank and its clients their money back.