There is widespread speculation that bankruptcy filings by British financial services firm Greensill Capital will lead to the bankruptcy of British steel giant Liberty Steel Group. Greensill was the main source of funding for companies under the GFG Alliance, led by British millionaire Sanjeev Gupta, including Liberty Steel. A chain of bankruptcies could result in the loss of 5,000 employees in the UK. (Photo quoted from Yahoo’s image)

Britain is showing signs of recovery from the corona pandemic due to the spread of corona vaccination, but the Greensill Capital issue is plagued by the British government as a new source of fire. According to major British media outlets such as the BBC, the British government has begun talks with Liberty Steel on emergency measures, and Secretary of State forBusiness, Energy and Industrial Strategy, has already been CEO of Liberty Steel. It is said that it is discussing measures with. However, the nationalization of Liberty Steel has not been considered between the two parties.

Liberty Steel is the third largest steelmaker in the UK and employs a total of 5,000 people at 11 locations in the country. The entire GFG Alliance operates in 30 countries around the world, including the United Kingdom, France, Australia and the United States, and employs a total of 35,000 people.

The GFG Alliance has expanded its business rapidly through the acquisition of steel companies around the world that have fallen into poor management. 

On the other hand, GFG received a large loan from GreenSill. Mr. Gupta has not announced any comments at this time, but the GFG Alliance says it has sufficient funding for the time being.

(IRuniverse)

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