Liberty Steel to sell UK assets

LONDON: British-based steelmaker Liberty Steel on Monday launched a major restructuring to sell part of its UK assets following the collapse of financier Greensill.

Liberty, which is owned by GFG Alliance, said in a statement that it will look to sell it steel plant in Stocksbridge, northern England, and other facilities which together employ about 1,500 staff.

Greensill’s dramatic demise sparked fears over the future of GFG’s 35,000 staff worldwide — which includes 5,000 at Liberty Steel in Britain. GFG, owned by Indian-British billionaire Sanjeev Gupta, had been Greensill’s biggest customer at the time of the finance giant’s notorious collapse in March.