UK Makes Plan to Take Control of Sanjeev Gupta’s Steelworks
Chimneys at a Liberty Steel Group steel bar mill and engineering bar manufacturing plant in Rotherham, UK.
Photographer: Jason Alden/BloombergThe UK government is preparing to line up managers to take control of tycoon Sanjeev Gupta’s steelworks should they fall into liquidation.
Lawyers for a creditor to Speciality Steel UK Ltd., part of the Liberty Steel Group, told a London court on Wednesday that government officials were preparing to appoint special managers in the event that the steel operations are wound up. The firm, which has just £600,000 in its account and employs more than 1,400 people, is teetering on the edge of insolvency.