Ministers looking at all options to save Liberty Steel – and its 3,000 jobs – following Greensill Capital collapse
The Government is considering ‘all options’ to make sure Liberty Steel does not go bust.
The company, which is owned by industrialist Sanjeev Gupta’s GFG Alliance, employs around 3,000 people in the UK.
But it has been in crisis since the start of this month, when GFG’s main lender Greensill Capital collapsed.
Liberty Steel, which is owned by industrialist Sanjeev Gupta’s GFG Alliance, employs around 3,000 people in the UK
Business Secretary Kwasi Kwarteng said he has met Liberty management several times in the past three weeks and this week spoke to unions.
He previously indicated the Government could intervene to help keep the business afloat.
Kwarteng went a step further yesterday, telling MPs in the House of Commons that ‘there is a future for the steel industry in the UK’ and he would like to support Liberty ‘in its entirety’.
He said: ‘We are doing all we can to look at all options to make sure this vital piece of infrastructure continues and remains a going concern.’
Labour has called for the Government to step in and save Liberty Steel, with Labour business spokesman Ed Miliband saying the situation was ‘urgent and worrying’ and that ministers should even consider nationalising Liberty.
Bruno Le Maire, France’s finance minister, promised to protect jobs and factories that could be at risk from Liberty’s turmoil – and unions have urged the Government to make similar pledges.
Liberty has 11 steel plants in the UK that make car and plane parts and supply steel used to make railway tracks.