Committees

Liberty Steel and the Future of the UK Steel Industry

Inquiry

The BEIS Committee is holding an inquiry into Liberty Steel and the Future of the UK Steel Industry.

On 8 March 2021, the supply chain finance firm Greensill Capital collapsed into administration after months of speculation about its financial viability. Greensill was the principal financial backer of GFG Alliance, owner of Liberty Steel, which is the third largest steel manufacturer in the UK. The collapse of Greensill puts 5,000 jobs at risk at Liberty Steel and other firms.

UK taxpayers are reported to be exposed to more than £1bn of debt from the collapse of Greensill via three Government guarantees, including a state-backed coronavirus lending scheme, which enabled Greensill to advance hundreds of millions of pounds to companies linked to GFG Alliance.

On 28 March 2021, the Government rejected a request for £170m in financial support from Mr Gupta for Liberty Steel due to concerns over GFG Alliance's opaque accounting procedures. This raises questions about the effectiveness of auditing and corporate governance regulations, and about the risks posed to UK industry by high-risk financing methods.

The UK steel industry has faced serious challenges for many years, particularly due to the excess of steel on the international market which has depressed prices, and which resulted in plant closures and staff lay-offs during the 2015/16 steel industry crisis. The sector is also grappling with the Government's ambitious target of 2035 to achieve net zero emissions in relation to steel production.

Upcoming events

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Past events

Tuesday 20 July 2021
10:00am Private
10:45am Public
Oral evidence session 20 July 2021
Liberty Steel and the Future of the UK Steel Industry - Oral evidence
10:45am
  • Rt Hon Kwasi Kwarteng (Secretary of State at Department for Business, Energy and Industrial Strategy)
Decarbonising heat in homes - Oral evidence
11:45am
  • Rt Hon Kwasi Kwarteng (Secretary of State at Department for Business, Energy and Industrial Strategy)
  • Rt Hon Christopher Pincher MP (Minister for Housing at Ministry of Housing, Communities and Local Government)
  • Charlotte Baker (Director of Net Zero and Greener Buildings at Ministry of Housing, Communities and Local Government)
Room 6, Palace of Westminster
Tuesday 6 July 2021
9:45am Private
10:30am Public
Liberty Steel and the Future of the UK Steel Industry - Oral evidence 6 July 2021
10:30am
  • Cynthia O'Murchu (Investigative Reporter at Financial Times)
  • Dr Javed Siddiqui (Professor of Accounting at Alliance Manchester Business School, The University of Manchester)
  • S. Alex Yang (Associate Professor of Management Science and Operations at London Business School)
Room 16, Palace of Westminster
Tuesday 29 June 2021
9:30am Private
10:00am Public
Liberty Steel and the Future of the UK Steel Industry - Oral evidence 29 June 2021
10:00am
  • Stephen Rose (Chief Executive Officer at Wyelands Bank)
10:45am
  • Milan Patel (Partner at King & King Chartered Accountants)
11:30am
  • Patrick Magee (Chief Commercial Officer at British Business Bank)
Room 16, Palace of Westminster
Tuesday 22 June 2021
9:45am Private
10:30am Public
Liberty Steel and the Future of the UK Steel Industry - Oral evidence 22 June 2021
10:30am
  • Henrik Adam (Chief Executive Officer at Tata Steel Europe)
11:30am
  • Jon Bolton (Board Member at GFG Global Advisory Board)
  • Anton Krull (Chief Financial Officer at Liberty Steel UK)
Room 16, Palace of Westminster

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