Indian steel giant JSW mulls Liberty Steel bid – report May 22, 2021 Indian steel giant JSW Steel is reportedly mulling making a bid for embattled Liberty Steel in Britain as well as mills elsewhere as potential suitors circle Sanjeev Gupta’s global commodities empire. Two sources told Reuters that the Mumbai-headquartered firm was considering an offer, but stressed that no final decision had yet been taken on whether [...]
Liberty Steel was a distraction. There is a race for clean steel and Britain is losing May 7, 2021 The threat to Sanjeev Gupta’s Liberty Steel empire brought back an ancient debate. There were the predictable calls for the government to intervene, bail them out, save jobs, while ministers continue to try and keep the plants running. It is a familiar cycle of struggle and rescue. But the steel industry has one foot stuck [...]
Owner of ailing Liberty Steel in talks for £200m lifeline May 6, 2021 The owner of Liberty Steel is reportedly in talks about a £200m loan facility from California-based investment firm White Oak Global Advisors. The BBC first reported the arrangement is in its early stages, however a skeleton agreement has been drafted. Any agreement would need to be approved owner Gupta Family Group’s creditors which include Credit [...]
Liberty Steel appoints new restructuring committee as firm seals deal for Australian steelworks May 5, 2021 Sanjeev Gupta’s Liberty Steel has today announced that it will set up a restructuring committee made up of four new directors in a bid to refinance the group after the collapse of Greensill in March. In a statement, the firm, which is a subsidiary of the tycoon’s GFG Alliance, said that the new execs would [...]
MPs on business committee launch Liberty Steel enquiry April 27, 2021 The parliamentary business select committee has today launched an enquiry into Liberty Steel following the collapse of Greensill Capital. It is at least the fourth enquiry into issues arising out of the failure of the boutique financier to have been launched so far amid a massive lobbying scandal involving former Prime Minister David Cameron. The [...]
Aerospace industry warns over part shortage if Gupta steel empire fails April 15, 2021 The UK’s aerospace trade body has called for the government’s “urgent intervention” to protect steel production at Sanjeev Gupta’s wavering Liberty Steel empire. The interim chief executive of ADS, Kevin Craven, last week wrote to business secretary Kwasi Kwarteng warning that the sector faced a shortage of steel for plane parts if the plants were [...]
Ministers must wait to see whether Gupta can refinance Liberty Steel before stepping in, says Kwarteng April 13, 2021 Business secretary Kwasi Kwarteng has today told MPs that there is “always a danger” that some of Liberty Steel’s assets could go bust as a result of the collapse of Greensill Capital. He added that ministers would wait to see if GFG Alliance boss Sanjeev Gupta could deliver his plans to refinance the firm before [...]
Sunak questioned over Greensill Capital’s links to Covid loan scheme April 5, 2021 Greensill Bank clients get $3bn payout as Labour puhes for tighter lobbying rules after David Cameron lobbying probe
Boris Johnson ‘very hopeful’ government can bail out Liberty Steel April 1, 2021 Boris Johnson has said today that he is “very hopeful” the government will be able to bail out ailing Liberty Steel, saying it “would be crazy” for the government not to buy British steel post-Brexit. The Prime Minister said on a trip to Middlesbrough today that business secretary Kwasi Kwarteng had been in “daily contact” [...]
Gupta’s Liberty Steel to restart UK operations next week as Government talks roll on March 29, 2021 Gupta's Liberty Steel to restart UK operations next week