Liberty Steel owes many billions of pounds to financially collapsed Greensill Capital, the main lender to GFG Alliance, Sanjeev Gupta, owner of GFG Alliance and its subsidiary Liberty Steel, stated in an interview on BBC Radio 4. Mr. Gupta said that he expects other financiers to support his business and refinance Greensill.
“It is many billions, but also remember that we are one of the largest steel companies in the world, a very substantial aluminum business, and a substantial renewable energy business, so it should be reflected in that light,” he said.
Mr. Gupta also gave reassurance that none of Liberty Steel’s plants in the UK will be shut down.
GFG Alliance is seeking alternative funding sources following the rejection by the UK government of Liberty Steel’s request for £170 million in financial support, as SteelOrbis previously reported.