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UK steel industry fury as government drops EU import restrictions

Meltdown? Turmoil at Sanjeev Gupta s Liberty Steel stokes job fears in UK

Meltdown? Turmoil at Sanjeev Gupta s Liberty Steel stokes job fears in UK Gupta was once seen as the saviour of British steelmaking but is now fighting for survival following the collapse of its main lender Greensill Capital and fraud allegations. Share Via Email   |  A+A A- A sign at Liberty Steel s Stocksbridge steel plant on May 26, 2021 in Stocksbridge, northern England. (Photo | AFP) By AFP LONDON: Sanjeev Gupta s Liberty Steel company one of the world s largest steel empires faces an uncertain future after announcing plans to sell three of its UK plants. Liberty employs 3,000 UK workers and parent company Gupta Family Group (GFG) Alliance has 35,000 employees around the world, with metalworks and mines in Europe, the United States and Australia.

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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