(LONDON) Liberty Steel Report: Securing a £50m cash injection which it says will safeguard 660 jobs at its plant in Rotherham for another month while searching for more secure funding #AceNewsDesk report

#AceNewsReport – Oct.12: The deal is part of a wider restructure of GFG Alliance, Liberty’s owner, which was forced to seek funding when its key lender, Greensill Capital, collapsed…..

#AceDailyNews says that according to BBC Business News that Liberty Steel has received a cash injection to save 660 jobs for another month …..after GFG Alliance said the cash would allow the Rotherham plant to reopen this month after being closed since spring: Community, the steelworkers’ union, said it was “overdue” but was “an important step in the right direction”……..News of the move was welcomed by industry body UK Steel.

But its future was thrown into doubt when Greensill collapsed in early March. GFG has been struggling to raise new financing since then, while the majority of its workers have been on furlough: In April, GFG approached the government for help, but the request was rejected by Business Secretary Kwasi Kwarteng defends rejecting Liberty Steel bailout

Steel worker
BBC Business News

Jeffrey Kabel, GFG’s chief transformation officer, said: “The injection of £50m of shareholder funds into Liberty Steel UK is an important step in our restructuring and transformation: It will help to create sustainable value, ensure that Liberty has the ability to raise and deploy capital quickly in the UK and enable our businesses to demonstrate their potential and agree long-term debt restructuring.”……….At the beginning of the year, Liberty Steel employed 3,000 steelworkers in the UK.

GFG, one of the UK’s largest industrial groups, is owned by businessman Sanjeev Gupta: A further 2,000 people work at other GFG steel sites in the UK: GFG said the cash injection would allow Liberty Steel (LSUK) to restart its electric arc furnace at Rotherham: Production ramp-up will commence in October 2021 with a plan to reach 50,000 tonnes per month as soon as possible,” it added: The restart of operations will enable colleagues to return to work, setting the platform for LSUK’s longer-term refinancing and delivery of its plan to expand Rotherham’s capacity, creating a two million tonnes per annum green steel plant.”

A spokesperson said it was “really good news for not only the company, but those many thousands of workers and their families, the communities where those jobs a located and of course the whole of the UK steel sector”. 

“Our friends at Liberty Steel can now fire up those furnaces, make the steel that this economy needs and most importantly give some certainty to the well-paid and highly-skilled workforce.”

But the spokesperson added: “The last thing the sector needs now is for government to merely sit on its hands and risk an energy crisis becoming a steel industry crisis.”

UK Steel called on Prime Minister Boris Johnson to intervene on the industry’s behalf “before it is too late”.

Huge challenges

Roy Rickhuss, general secretary of Community, said the deal “demonstrates that GFG can raise funds for the UK”.

“Huge challenges remain,” Mr Rickhuss said: ” But the workforce is ready to get back to making the best steels money can buy and the £50m injection will enable us to restart steelmaking.”……Meanwhile, plans are proceeding to sell off GFG’s Speciality Steel business, which employs about 750 staff at plants in South Yorkshire: GFG said the cash lifeline would help Speciality Steel to “establish a stable operating environment and create an attractive asset”………Further afield, GFG said it had also agreed a debt restructuring for Liberty’s Australian division with Credit Suisse Asset Management.

Greensill’s heavy exposure to Mr Gupta’s business had prompted Credit Suisse to freeze withdrawals from up to £10bn worth of funds held as security.

#AceNewsDesk report ………………..Published: Oct.12: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#gfg, #liberty-steel, #london, #rotherham, #u-k

(ROTHERHAM, U.K.) #Time4Change Report: NO JUSTICE: As victims are being used in a politically correct justice system, which appears to be primarily interested in protecting the perpetrators #AceNewsDesk report

#AceNewsReport – June.06: The British police force which oversaw the Rotherham “grooming gangs” child rape scandal is securing charges for just one in 34 crimes flagged as having links to Child Sexual Exploitation, it has been revealed:

Rotherham U.K. Officers have only secured charges in 1 out of 34 ‘Gang Rape’ cases as a result, they continue to escape justice, and are given the green light to continue “grooming” white girls and it has also been happening to Sikh girlks for decades by Jack Montgomery, Breitbart, May 31, 2021:

The Network of Sikh Organisations “called on the media to stop referring to grooming gangs that are predominantly comprised of perpetrators from a Pakistani Muslim Pakistani as ‘Asian’, which inaccurately incorporates much of the British Hindu and Sikh communities.”

All told, South Yorkshire Police secured just 16 charges out of some 540 crimes officers flagged as Child Sexual Exploitation (CSE) related, according to data secured by The Times through the Freedom of Information Act.

West Midlands Police, which has been slated for a wide variety of so-called “grooming” gang failures over the years, disclosed an only marginally less embarrassing figure of one in 28 offences linked to Child Sexual Exploitation resulting in a charge.

Across all 34 police forces which responded to the Freedom of Information requests from The Times, the average number of crimes flagged as having CSE links which “resulted in a charge or summons” was a mere one in 14.

“The low charge rate staggers me. My concern is that known perpetrators are slipping through the net. We need absolutely zero tolerance for this crime,” commented Sarah Champion, a Member of Parliament for the left-wing Labour party whose frontbench career as a shadow government minister was swiftly ended after she wrote an article saying that “Britain has a problem with British Pakistani men raping and exploiting white girls.”

“We will actively continue to investigate all CSE reports and take any action possible to prosecute and disrupt the perpetrators who commit these despicable acts,” claimed South Yorkshire Police in a statement quoted by The Times, in defiance of what appears to be statistical evidence to the contrary.

Less than a week ago, The Times reported on internal reports which found there is “little evidence of the exploiters being investigated” by West Yorkshire Police, with South Yorkshire Police being one of a number of forces refusing to disclose the findings of internal reports on their handling of child sexual abuse cases….

#AceNewsDesk report …..Published: Jun.06: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#pakistanis, #rotherham, #u-k, #victims