Metals magnate Sanjeev Gupta has requested a £170m government bailout to save his conglomerate, owner of Britain’s third biggest steel group, from collapse. Gupta, the founder of Liberty Steel and its sprawling holding company GFG Alliance, sent a letter to government officials late this week to request the cash. However, he is understood to have concerns about the opaque structure of Gupta’s GFG Alliance and its governance. GFG Alliance has operations in 30 countries and employs about 35,000 staff. A government spokesperson said: “The government is closely monitoring developments around Liberty Steel and continues to engage closely with the company, the broader UK steel industry and trade unions.

Source: The Guardian March 26, 2021 20:37 UTC