London | ArcelorMittal will send in administrators to investigate what happened inside industrialist Sanjeev Gupta’s European metals empire after winning a British court case over a €140 million ($225 million) debt.
Liberty Steel East Europe (Holdco) – a holding company for a cluster of entities controlling six of Mr Gupta’s eight continental European steelworks – will now enter administration. ArcelorMittal is trying to recoup funds it says it is still owed after selling the plants to Mr Gupta in 2019.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
