Liberty Steel to restart production as talks go on
2021-03-31 10:35:45 [Print]
Industrialist Sanjeev Gupta expects his Liberty Steel plants in the U.K to restart next week as it insists talks on refinancing the group are ongoing, as well as discussions with the UK government.
The government has rejected appeals from parent group GFG Alliance for a ￡170m emergency loan, but is considering ways to protect 3,000 British workers and the steel industry.
The company, which has steelworks in Lanarkshire and an aluminium smelter in Lochaber, is seeking new funding after its main financial backer Greensill Capital collapsed.
Liberty Steel is working with UK customers on payment terms that would bring in cash earlier while looking for additional working capital facilities.
Kwasi Kwarteng, the UK Business Secretary, has previously said the government was "looking at all options to see what we can do" to secure the future of Liberty Steel.
The government has rejected appeals from parent group GFG Alliance for a ￡170m emergency loan, but is considering ways to protect 3,000 British workers and the steel industry.
The company, which has steelworks in Lanarkshire and an aluminium smelter in Lochaber, is seeking new funding after its main financial backer Greensill Capital collapsed.
Liberty Steel is working with UK customers on payment terms that would bring in cash earlier while looking for additional working capital facilities.
Kwasi Kwarteng, the UK Business Secretary, has previously said the government was "looking at all options to see what we can do" to secure the future of Liberty Steel.
