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Liberty Steel is an important asset, need to distinguish from ownership: UK minister

Britain needs to distinguish between Liberty Steel, which is an important national asset, and the company which sits above it and has been caught up in the Greensill Capital collapse, business secretary Kwasi Kwarteng said on Tuesday.

“I think it’s a really important national asset and what we have to do is to distinguish between Liberty Steel and the company that sits above it,” Kwarteng told BBC radio.

“All options at the moment are on the table. We think the steel industry has a future in the UK.”

Liberty Steel UK, owned by businessman Sanjeev Gupta, said on Monday it planned to restart steelmaking next week and it was continuing to seek new funding after its main financial backer Greensill Capital went into insolvency.