Tata ‘sues Liberty Steel over unpaid debts’

Tata 'sues Liberty Steel over unpaid debts' thumbnail

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image captionThe Stocksbridge factory near Sheffield makes products for the motor and aerospace industries

Tata is suing rival Liberty Steel over claims of unpaid debts, according to reports.

The claim relates to missed payments from Liberty’s flagship £100m takeover of Tata’s speciality steels business in 2017, the Daily Telegraph said.

Liberty Steel owner GFG Alliance is reeling from the collapse of its main backer Greensill in early March.

The 2017 acquisition made GFG Alliance owner Sanjeev Gupta one of the UK’s biggest steel magnates.

Tata has launched proceedings against Liberty Speciality Steels, Liberty House Group PTE and Speciality Steel UK, the Telegraph said.

A Tata spokesman said: “This is an active court case and as a result we are not making any further comment.”

GFG Alliance was approached for comment.

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