Liberty Steel boss Sanjeev Gupta says collapse of lender is challenging
- 3 years ago
The boss of the UK's third-largest steelmaker has said the collapse of its main financial backer "creates a challenging situation".
Sanjeev Gupta said some of Liberty Steel's UK operations were loss-making and this needed to be addressed.
He was speaking at crisis talks with unions concerned for Liberty's future after specialist bank Greensill Capital went into administration.
The collapse puts 5,000 jobs at risk at Liberty Steel and other firms.
Mr Gupta said his group was taking "prudent steps" to manage cash.
Greensill Capital was the main lender to Mr Gupta's sprawling empire, GFG Alliance, which includes Liberty Steel.
Liberty owns 12 steel plants in the UK including in Rotherham, Motherwell, Stocksbridge, Newport and Hartlepool.
Source: BBC
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