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Liberty Steel cash injection saves jobs

Liberty Steel has secured a £50m cash injection which it says will safeguard 660 jobs at its plant in Rotherham.
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.
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".
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.
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.
GFG, one of the UK's largest industrial groups, is owned by businessman Sanjeev Gupta.

Liberty Steel cash injection to save 660 jobs - BBC News
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