The future of 1,450 steel jobs hangs in the balance today as a winding-up petition is due to be heard against a company run by tycoon Sanjeev Gupta.
Liberty Steel’s Speciality Steels UK (SSUK) arm is seeking to adjourn the court action brought by trade suppliers thought to be owed £4million.
Without an adjournment, SSUK – which runs steel plants in Rotherham and Stocksbridge, South Yorkshire, and Bolton, Greater Manchester – faces compulsory liquidation.
The Official Receiver would then appoint a special manager to run the sites while a buyer is sought and assets sold to pay the debts.
Gupta – whose family is worth more than £4billion – is understood to have asked the Government to intervene using legislation passed last month, allowing it to take over the Scunthorpe blast furnaces and prevent closure by their Chinese owners, Jingye.
The requests are said to have been rejected. Roy Rickhuss, general secretary of the Community Trade Union, called for ‘new, responsible ownership’.
Liberty Steel’s Speciality Steels UK (SSUK) arm is seeking to adjourn the court action brought by trade suppliers thought to be owed £4m
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .