London | Sanjeev Gupta’s apparent progress in refinancing and restructuring his embattled global steel empire showed that the British government had “made the right call” in refusing him a £170 million ($310 million) taxpayer bailout, a senior minister said.
Business Secretary Kwasi Kwarteng said Mr Gupta’s announcement on Monday, when the steel tycoon said he was making progress in replacing the billions of finance lost through the collapse of Greensill Capital, had “vindicated our approach”.
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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
