UK-based Liberty Steel Group, part of the GFG Alliance, has shut down its operations at its India plants, according to media reports, leading to rumors that the decision is a result of the financial difficulties relating to Greensill Capital, the main lender to GFG Alliance. However, the company said that it was due to scheduled maintenance and that it is not related to the financial challenges faced by the company in other geographies.
Recently, GFG Alliance announced that some of its UK steel plants would operate intermittently because of the financial distress resulting from the Greensill crisis.
The company acquired bankrupt Indian steelmakers Adhunik Metaliks and Zion Steel last year, as SteelOrbis previously reported.