Skip to content 
Search

Latest Stories

Liberty Steel to sell UK plants following Greensill collapse

Liberty Steel to sell UK plants following Greensill collapse

FOLLOWING the collapse of its financier Greensill, Liberty Steel on Monday (24) launched a major restructuring plan to sell part of its UK assets.

Liberty, which is owned by British-Indian billionaire Sanjeev Gupta’s GFG Alliance, said in a statement that it will look to sell its steel plant in Stocksbridge, northern England, and other facilities which together employ about 1,500 staff.


"As part of this restructuring Liberty will look to sell its aerospace and special alloys steel business in Stocksbridge,” said the statement, which comes after a series of weekend meetings held in Dubai between Gupta and major lender Credit Suisse.

The investment bank has, meanwhile, reportedly agreed to pause court proceedings against Gupta's empire while the sale of Stocksbridge is conducted.

The company has also started a formal sale process for Liberty Pressing Solutions in Coventry, central England, and Liberty Aluminium Technologies, which has sites in nearby Kidderminster and in Essex in the southeast. Its manufacturing facilities in West Bromwich in central England and in Brinsworth in the north are also up for sale.

Liberty Steel has been working on a refinancing plan since its main lender Greensill Capital collapsed earlier this year. 

GFG has operations in more than 35 countries across the world, and annual global revenues of about $20 billion according to its website. The group has 35,000 staff worldwide, including 5,000 in Britain where its Liberty Steel division is based. However, its affair with Greensill shone a light on Gupta's own criticised business practices, with the UK government describing the GFG structure as "very opaque.”

The news of the refinancing plan comes as the UK’s Serious Fraud Office (SFO) and the Financial Conduct Authority (FCA) launched investigations into the relationship between Liberty and its now-defunct controversial lender Greensill Capital. The company has said that it will cooperate in the investigation as it continues its refinancing efforts.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less