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Kwasi Kwarteng: all options on table to save Liberty Steel

Business secretary also says David Cameron did nothing wrong in his work on behalf of Greensill Capital
All options remain on the table for Liberty Steel, the business secretary has said, insisting the industry still has a future in the UK.
Concerns for the future of Liberty Steel and its 3,000 UK workers – with a further 10,000 supply chain jobs dependent on it – have grown after the government rejected its parent company’s plea for a £170m rescue loan.
Speaking on BBC Radio 4’s Today programme on Tuesday, Kwasi Kwarteng described Liberty Steel as a “really important national asset” but said it was important to distinguish between the steel business and its parent company, the Gupta Family Group. It is part of the business empire built up by the industrialist Sanjeev Gupta.
Kwarteng said: “We are custodians of taxpayers’ money, and there were concerns over the very opaque structure of the GFG Group and we feel that if we gave the money, there is no guarantee that that money would stay in the UK and protect British jobs. It’s a multinational enterprise.”
He did not rule out the possibility of the government taking Liberty Steel into public ownership. “All options are on the table. We think the steel industry has a future in the UK. Only two weeks ago my department published an industrial decarbonisation strategy. We want to see clean steel … of the kind Liberty Steel makes.”
Gupta has sought extra funding for the business in the three weeks since the collapse of Liberty Steel’s key financial backer, Greensill Capital.
Government officials have readied a plan to step in to keep Liberty Steel in operation if it is forced to enter administration, after writing to GFG Alliance rejecting the request for money to cover its need for cash to run its operations. Among the options under consideration is a similar strategy as that used to save British Steel in May 2019, when an official receiver, a government employee, took control of the company while it sought a buyer.
Kwarteng suggested the former prime minister David Cameron had done nothing wrong in his work on behalf of Greensill Capital.
The business secretary said there had been a two-year gap between Cameron leaving office and being hired by Greensill. “There is no suggestion that he can’t pursue another career after leaving politics,” he added.
He sidestepped a question on whether lobbying rules ought to be reviewed, saying: “there is a great deal of transparency in the system”. He said a review was a matter for Lord Evans, who chairs the committee on standards in public life.
source: Julia Kollewe
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- April 23, 2025
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Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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