Fact Service March 2021

Issue 10

Unions meet to safeguard steel jobs

Unions have met to consider how best to protect 5,000 jobs in the steel industry after Greensill Capital, the principal financial backer of one of the UK's largest industrial groups, went into administration this week.

Greensill was the main lender to Liberty Steel, which is headed by businessman Sanjeev Gupta.

A statement released by the National Trade Union Steel Coordinating Committee said: “This morning the steel unions – Community, Unite and GMB – met with Sanjeev Gupta to seek assurances on behalf of our members, and to request full transparency on the challenges facing Liberty Steel. The meeting was positive and constructive, and it is clear Mr Gupta intends to secure a refinancing of the debt to provide the business with the necessary liquidity going forward. We recognise Mr Gupta’s desire to see Liberty Steel succeed, and recognise also his personal contribution in giving distressed UK steel assets a new lease of life.

“The unions have told Mr Gupta our priority is to secure the future of all Liberty Steel’s UK assets, and to this end all options should be considered.”