Liberty Steel, owned by commodities tycoon Sanjeev Gupta, said on Thursday it plans to suspend operations at two British plants and trim output at others due to high power prices.
The restructuring may result in up to 440 job losses, Liberty Steel added in a statement.
Liberty Steel is part of Gupta's family conglomerate, GFG Alliance, which has been refinancing its cash-starved businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March 2021.
Entering the Chinese New Year holiday, market trading is sluggish
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