Saturday, May 21News That Matters
Shadow

Tag: Liberty

Liberty Steel tycoon Sanjeev Gupta promises workers ‘no plants will close under my watch’

Liberty Steel tycoon Sanjeev Gupta promises workers ‘no plants will close under my watch’

Business
Liberty Steel tycoon Sanjeev Gupta has promised thousands of UK workers facing uncertainty after the collapse of lender Greensill that he will not close any of its plants.In an interview with Sky News, Mr Gupta gave a bullish assessment of prospects for the business - while admitting the collapse was a "shock to the system". He said his business empire had already been in the process of switching away from Greensill as a source of financing and that his only regret was not doing so earlier. Image: The Liberty plant at Rotherham is part of Mr Gupta's steel empire In comments directed at Liberty Steel's 3,000 UK workers, Mr Gupta said: "I will not give up on you. You are my family."Under my watch, none of my steel plants will close, I p...
Liberty Steel nationalisation ‘an option’ to save 5,000 jobs

Liberty Steel nationalisation ‘an option’ to save 5,000 jobs

Business
PA MediaThe government has restated it is considering "all options" to keep Liberty Steel's UK plants and jobs afloat, including nationalisation.On Sunday, the government rejected a request for £170m in financial support for the firm.But that is due to concerns about the "very opaque" structure of its owner GFG, a minister said.Business Secretary Kwasi Kwarteng said the government could not put money into a "black box".Mr Kwarteng told the BBC's Today programme that Liberty Steel was "an important national asset" but that the structure of its owner - Gupta Family Group (GFG) - was "very opaque" and "not helpful"."We are custodians of taxpayer's money... and we feel that if we gave the (£170m) money, there was no guarantee that the money would stay in the UK, and would protect British jobs...
Liberty Steel won’t receive £170m bailout

Liberty Steel won’t receive £170m bailout

Business
Liberty SteelThe government has rejected a request for £170m in financial support for Liberty Steel.The firm's founder Sanjeev Gupta sent a letter last week asking for help to pay day-to-day operating expenses and absorb recent losses. Liberty's owner GFG employs 5,000 staff at its 12 UK sites, which include Rotherham, Motherwell and Newport.GFG's key financial backer, Greensill Capital, filed for insolvency earlier this month.'If the steelworks shuts it will destroy Rotherham'Liberty Steel: Government looking at 'all options'Liberty Steel asks customers to pay up frontGovernment sources told the BBC last week they had concerns about the "opaque" nature of Mr Gupta's empire, which employs 35,000 worldwide.Any assistance was more likely to come following an administration process, the sourc...
Liberty Steel boss asks government for £170m bailout

Liberty Steel boss asks government for £170m bailout

Business
Liberty SteelThe owner of Liberty Steel has asked the government for £170m in financial support.In a letter sent to the Department of Business last night, Sanjeev Gupta said the support was required to pay day-to-day operating expenses and absorb recent losses. Concerns over the future of Liberty Steel have grown after key financial backer, Greensill Capital, went bust.Liberty Steel employs about 5,000 people in the UK."The collapse of Greensill has put financial pressure on the GFG Alliance and our British steel operations," Mr Gupta writes in the letter. "We are still refining the details with my management team and our external advisors, but preliminary indications are that the steel manufacturing and processing operations would need in the range of £170m to fund working capital and som...