Liberty Steel and the Future of the UK Steel Industry
Business and Trade Committee
Closed
Inquiry
The BEIS Committee is holding an inquiry into Liberty Steel and the Future of the UK Steel Industry. On 8 March 2021, the supply chain finance firm Greensill Capital collapsed into administration after months of speculation about its financial viability. Greensill was the principal financial backer of GFG Alliance, owner …
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23
Recommendations
19
Conclusions
1
Report
5
Oral sessions
23
Letters
5
Events
Activity timeline 30 events
20 Jan
2022
2022
5 Nov
2021
2021
2 Nov
2021
2021
2 Nov
2021
2021
2 Nov
2021
2021
2 Nov
2021
2021
2 Nov
2021
2021
2 Nov
2021
2021
22 Jul
2021
2021
22 Jul
2021
2021
20 Jul
2021
2021
19 Jul
2021
2021
Oral evidence sessions 5 sessions
20 Jul 2021
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Liberty Steel and the Future of the UK Steel Industry; Decarbonising heat in homes
Charlotte Baker · Ministry of Housing, Communities and Local Government
Rt Hon Christopher Pincher MP · Ministry of Housing, Communities and Local Government
Rt Hon Kwasi Kwarteng · Department for Business, Energy and Industrial Strategy
6 Jul 2021
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Oral evidence
Cynthia O'Murchu · Financial Times
Dr Javed Siddiqui · Alliance Manchester Business School, The University of Manchester
S. Alex Yang · London Business School
29 Jun 2021
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Oral evidence session
Milan Patel · King & King Chartered Accountants
Patrick Magee · British Business Bank
Stephen Rose · Wyelands Bank
22 Jun 2021
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Liberty Steel and the Future of the UK Steel Industry
Anton Krull · Liberty Steel UK
Henrik Adam · Tata Steel Europe
Jon Bolton · GFG Global Advisory Board
25 May 2021
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Oral evidence session
Chris McDonald · Materials Processing Institute
Edwin Basson · World Steel Association
Gareth Stace · UK Steel
Roy Rickhuss · Community Trade Union
Roz Bulleid · Green Alliance
Rt Hon Kwasi Kwarteng · Department for Business, Energy and Industrial Strategy
Reports 1 report · click to expand
| Title | HC No. | Published | Items | Response |
|---|---|---|---|---|
| Fourth Report - Liberty Steel and the future of the UK steel Ind… | HC 821 | 5 Nov 2021 | 42 | Responded |
Recommendations & Conclusions
4 results
4
Conclusion
Deferred
Fourth Report - Liberty Steel and …
Despite public statements over a number of years to the contrary, we see, as yet,...
Despite public statements over a number of years to the contrary, we see, as yet, no tangible evidence that Sanjeev Gupta and GFG Alliance companies are making improvements to corporate governance or improving transparency through the publication of consolidated accounts.
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Government Response
The government redirects the matter to the independent Financial Reporting Council (FRC), which acknowledges the public interest but states the GFG Alliance entities are not within its usual scope of investigation, though it can reclaim matters if in the public interest.
Department for Business and Trade
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26
Recommendation
Deferred
Fourth Report - Liberty Steel and …
Given that UK steel producers are already facing some of the highest electricity prices in...
Given that UK steel producers are already facing some of the highest electricity prices in Europe and that demand for electricity will only increase as the sector decarbonises, the Government should exempt the steel sector from increased costs arising from …
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Government Response
The government states that decisions on network charges, such as the Targeted Charging Review, are the responsibility of Ofgem, the independent energy market regulator, rather than the government itself.
Department for Business and Trade
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27
Recommendation
Deferred
Fourth Report - Liberty Steel and …
Despite advances made since the publication of the Procurement Policy Note in 2015, UK steel...
Despite advances made since the publication of the Procurement Policy Note in 2015, UK steel producers are still encountering challenges when competing for and securing public contracts. Much of this is due to an opaque and informal approach taken to …
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Government Response
The government notes its existing review of public procurement rules and the Social Value Model. The points raised by the Committee on steel procurement, including supply chain transparency and updating guidance, are under active consideration by the Steel Procurement Taskforce.
Department for Business and Trade
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28
Recommendation
Deferred
Fourth Report - Liberty Steel and …
To ensure full transparency, the Procurement Policy Note (PPN) on steel procurement in major projects...
To ensure full transparency, the Procurement Policy Note (PPN) on steel procurement in major projects should be updated to include a requirement for contracting authorities to provide supply chain plans and publicise supply opportunities for UK steel producers. The Government …
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Government Response
The government notes its existing review of public procurement rules and the Social Value Model. The specific recommendations, including updating the Procurement Policy Note and publishing new guidance on social and environmental considerations for steel purchases, are under active consideration by the Steel Procurement Taskforce.
Department for Business and Trade
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Government Response AI assessment · 42 of 23 classified
Acknowledged
14
Deferred
4
Total
23 recs + 19 conclusions
Correspondence 23 letters
2 Nov 2021
To committee
Letter from the Secretary of State on Liberty Steel and the UK steel industry
Parliament page
2 Nov 2021
To committee
Letter from the Secretary of State on evidence given on Liberty Steel and the future of the UK Steel Industry inquiry
Parliament page
2 Nov 2021
To committee
Letter from the Secretary of State on the possibility of a deal for the UK steel sector
Parliament page
2 Nov 2021
To committee
Letter from GFG Alliance in response to BEIS Committee written questions
Parliament page
2 Nov 2021
Email to the Chair from Lex Greensill relating to Greensill Capital, received 21 July
Parliament page
2 Nov 2021
To committee
Letter from Grant Thornton UK LLP relating to Greensill Capital
Parliament page
22 Jul 2021
To committee
Letter from the British Business Bank on Greensill Capital's application for accreditation under the Coronavirus Large Business Interruption Scheme (CLBILS)
Parliament page
22 Jul 2021
To committee
Letter from Grant Thornton UK LLP responding to questions on the financial arrangements of GFG Alliance companies
Parliament page
19 Jul 2021
To committee
Letter from the Chair to Grant Thornton UK LLP regarding Greensill Capital
Parliament page
14 Jul 2021
Email to the Chair from Lex Greensill relating to Greensill Capital
Parliament page
14 Jul 2021
To committee
Letter from the Chair to Sanjeev Gupta on GFG Alliance and Liberty Steel
Parliament page
13 Jul 2021
To committee
Letter from the British Business Bank on CLBILS and Greensill Capital
Parliament page
13 Jul 2021
From committee
Letter to Grant Thornton UK LLP on Simec Lochaber Hydropower 2
Parliament page
13 Jul 2021
To committee
Letter from the Secretary of State and the Secretary of State for International Trade relating to the UK steel industry
Parliament page
8 Jul 2021
To committee
Letter from GFG Alliance declining the invitation to give oral evidence to the Committee’s Liberty Steel and the Future of the UK Steel Industry inquiry
Parliament page
8 Jul 2021
To committee
Letter from the Secretary of state for International Trade and the Secretary of State for BEIS relating to the Trade Remedies Investigations Directorate and UK steel safeguards
Parliament page
8 Jul 2021
To committee
Letter from the Chair of the British Business Bank relating to Greensill Capital
Parliament page
8 Jul 2021
To committee
Letter from the former CEO of the British Business Bank relating to Greensill Capital
Parliament page
8 Jul 2021
To committee
Letter from Grant Thornton UK LLP relating to Simec Lochaber Hydropower 2
Parliament page
30 Jun 2021
To committee
Response from Mr Lex Greensill in answer to the Chair's letters of 7 and 16 June in relation to the Liberty Steel and UK steel industry inquiry
Parliament page
30 Jun 2021
To committee
Letter from the Chair to Lex Greensill regarding questions relating to the Committee's inquiry on Liberty Steel and the future of the UK steel industry
Parliament page
16 Jun 2021
To committee
Letter from Chair to Mr Lex Greensill relating to request to give evidence to the Committee
Parliament page
28 May 2021
To committee
Letter from the Chair to the Secretaries of State for Business, Energy and Industrial Strategy and for International Trade relating to recommendations from the Trade Remedies Investigation Directorate
Parliament page