Category Archives: Sanjeev Gupta

Government to cover pay and pensions at collapsed South Yorkshire steelworks

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Unions receive assurances after state takes control of Liberty Steel plants that collapsed into administration

Workers at the UK’s third-largest steelworks in South Yorkshire have been assured they will receive their pay for August as well as unpaid pension contributions, after a government-appointed special manager took over the collapsed company.

Liberty Steel’s main British business, Speciality Steel UK (SSUK), collapsed into administration on Thursday afternoon after a high court judge ruled that it was insolvent and that its owner, the metals tycoon Sanjeev Gupta, had no prospects of repaying debts of several hundred million pounds.

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Troubled Whyalla steelworks gets $2.4bn government bailout as hunt for new owner begins

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GFG chair Sanjeev Gupta says SA government is on the ‘wrong course’ after it forced the operation into administration

A support package of $2.4bn will be poured into the Whyalla steelworks to protect thousands of jobs and “invest in the nation”, the prime minister says.

The federal and South Australian governments would “combine dollar for dollar on administration” to ensure the steelworks kept operating, and staff and creditors were paid, while a new owner was found, Anthony Albanese told steelworkers.

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Whyalla steelworks placed in administration after South Australia rushes legislation to secure its future

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Move allows government to act on millions of dollars in debts owed by GFG Alliance and secure future of mid-north operations

The Whyalla steelworks has been placed into administration after the South Australian government rushed legislation through parliament and pledged “one of the most comprehensive industry support packages that this nation has ever seen”.

Jim Chalmers, saying on Wednesday that securing the future for steel in Whyalla was important, said the federal government would have more to say on the matter “in due course”.

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Sanjeev Gupta’s GFG Alliance fails to get winding-up order thrown out

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Credit Suisse, one of Gupta’s main creditors, started insolvency hearings against GFG companies last month

Sanjeev Gupta’s GFG Alliance has failed in an attempt to have a winding-up order thrown out on the grounds that the metals group’s struggles were caused by the coronavirus pandemic.

Credit Suisse, one of Gupta’s main creditors, started insolvency hearings against GFG companies last month, in a move that raised concerns for the jobs of 35,000 workers in the UK and in operations around the world. US bank Citibank has brought the claim on behalf of Credit Suisse, its client.

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Liberty Steel to cut 200 jobs but create up to 160 more in plant move

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Jobs set to go at Stocksbridge in South Yorkshire and at West Bromwich, but new posts to be created at Rotherham

Liberty Steel has announced plans to cut 200 jobs in the UK at plants in South Yorkshire and the West Midlands, as industrialist Sanjeev Gupta’s metals group looks to shift production to Rotherham.

The company said on Friday that it would cut 160 jobs at a plant in Stocksbridge, South Yorkshire, and 45 in West Bromwich in the West Midlands as it focused production on the plant in Rotherham, also in South Yorkshire.

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