Sanjeev Gupta, owner of GFG Alliance, has stated that UK-based Liberty Steel, a subsidiary of GFG Alliance, will restart steelmaking at its UK operations next week. GFG has been seeking alternative funding sources, following the financial difficulties of Greensill Capital, the main lender to GFG Alliance, and the rejection by the UK government of Liberty Steel’s request for financial support.
Mr. Gupta stated that GFG has been trying to diversify its global funding away from Greensill. “The intention was to move our steel business away as well. We now have to complete that journey. We are in regular dialogue with our employees, unions, customers, suppliers and governments to keep them informed and to explore ways we can work together through the current situation. Liberty Steel UK has been supported by major customers placing significant orders and paying upfront,” Gupta said.
Some of the company’s UK steel businesses have been operating intermittently, as SteelOrbis previously reported.
