British billionaire Sanjeev Gupta's steel company has made official statement on the current situation in the company in connection with multiple reports of possible bankruptcy and plant shutdowns in the UK and other countries.
“The majority of Liberty Steel Group's businesses in its global portfolio are performing well and generating positive cash flows, supported by the operational improvements we have made and strong steel and iron ore markets. Our metals and mining operations in Europe and Australia are generating record profits, and we have sufficient funding to meet our current needs. In light of the collapse of Greensill, we are taking prudent steps across our global portfolio to manage resources as we move on to new funding for our business. We maintain regular dialogue with our employees, unions, customers, suppliers and governments to keep them informed and explore ways to work together in this situation, ”Liberty Steel said in a statement.
Last week it has become known that the UK Parliament's Business, Energy and Industry Strategy Committee (BEIS) has begun an investigation into the impact of the bankruptcy of financial company Greensill on Liberty Steel, its clients and approximately 3,000 employees in the UK who may threatened with dismissal if Sanjeev Gupta does not find alternative funding.
