Liberty Steel: UK government prepares to take over plant
The UK government aims to prevent SSUK's collapse due to financial strain from unpaid debts and energy costs, safeguarding 1,500 jobs and maintaining critical steel production.
- The UK government is preparing to intervene and assume control of the nation's third-largest steel manufacturing facility, owned by Liberty Steel, to address financial challenges and protect nearly 1,500 jobs.
- The intervention follows a High Court hearing on Wednesday and ongoing creditor petitions calling for SSUK's compulsory liquidation due to unpaid debts.
- Sanjeev Gupta, head of GFG Alliance which controls Liberty Steel, intends to use a pre-pack administration to restructure SSUK and lower its debts, although this plan has encountered resistance in court.
- A government letter stated the Official Receiver is ready to take control if liquidation occurs, while Liberty Steel noted a nearly £200m investment supporting steel's strategic role.
- The government's move aims to protect 1,500 jobs and ensure continuity amid market challenges, although nationalization and uncertainty remain likely outcomes.
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The metals tycoon Sanjeev Gupta is plotting to hand control of his remaining UK steel operations to his family in a bid to stave off their collapse into compulsory liquidation and a government-orchestrated fire-sale.
·United Kingdom
Read Full ArticleLiberty Steel, the steel mill of Indian-origin tycoon Sanjiv Gupta, in the United Kingdom, is facing serious problems.
·Greece
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Total News Sources15
Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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