{"id":108980,"date":"2021-03-08T18:17:29","date_gmt":"2021-03-08T18:17:29","guid":{"rendered":"https:\/\/fin2me.com\/?p=108980"},"modified":"2021-03-08T18:17:29","modified_gmt":"2021-03-08T18:17:29","slug":"uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency\/","title":{"rendered":"UK unions to meet with Gupta's Liberty Steel after Greensill insolvency"},"content":{"rendered":"

LONDON (Reuters) – Trade unions in Britain said they will meet with officials from British tycoon Sanjeev Gupta\u2019s Liberty Steel on Tuesday to seek assurances about jobs after a major financial backer went into administration.<\/p>

FILE PHOTO: Liberty Steel’s Sanjeev Gupta smiles outside the company’s Liberty Steel processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS\/Russell Cheyne<\/figcaption>

Greensill Capital filed for insolvency on Monday, its administrators said, days after losing investor funding and insurance coverage for its supply chain financing business.<\/p>\n

Liberty is part of the GFG Alliance, a conglomerate owned by the family of Gupta and one of the biggest customers of Greensill Capital, a source familiar with the matter told Reuters.<\/p>\n

Community trade union said it planned to ask Liberty about the future of the company and job security.<\/p>\n

\u201cSanjeev Gupta needs to tell us exactly what the administration means for Liberty\u2019s UK businesses and how he plans to protect jobs,\u201d a statement said.<\/p>\n

\u201cThe future of Liberty\u2019s strategic steel assets must be secured and we are ready to work with all stakeholders to find a solution.\u201d<\/p>\n

A source at another trade union confirmed that a meeting was set for Tuesday.<\/p>\n

GFG declined to comment on the union meeting or on what Greensill Capital\u2019s insolvency means for its business. Last week, it said it had alternative funders to Greensill and that it was generating positive cash flow.<\/p>\n

\u201cGFG Alliance has adequate current funds and its plans to bring in fresh capital through refinancing are progressing well,\u201d spokesman Andrew Mitchell told Reuters.<\/p>\n

Gupta has amassed a portfolio of assets, mostly in steel and aluminium, by acquiring troubled operations and turning them around.<\/p>\n

Liberty says it is the third largest steelmaker in the Britain, with nine sites employing about 3,000 people. In total, around 5,000 people work for GFG Alliance in the UK, according to Mitchell.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Trade unions in Britain said they will meet with officials from British tycoon Sanjeev Gupta\u2019s Liberty Steel on Tuesday to seek assurances […]<\/p>\n","protected":false},"author":3,"featured_media":108979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nUK unions to meet with Gupta's Liberty Steel after Greensill insolvency - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK unions to meet with Gupta's Liberty Steel after Greensill insolvency - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Trade unions in Britain said they will meet with officials from British tycoon Sanjeev Gupta\u2019s Liberty Steel on Tuesday to seek assurances [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-08T18:17:29+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotor124-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency\/\",\"url\":\"https:\/\/fin2me.com\/markets\/uk-unions-to-meet-with-guptas-liberty-steel-after-greensill-insolvency\/\",\"name\":\"UK unions to meet with Gupta's Liberty Steel after Greensill insolvency - 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