London | British metals magnate Sanjeev Gupta is grappling with a string of crises in his embattled European steelmaking empire, with several plants in shutdown mode and others fending off insolvency or liquidation.

Mr Gupta’s European woes come as questions hang over the future of his steelworks in the South Australian town of Whyalla, which is running at a loss and shedding jobs. Around the world, there is pressure on governments to bail out the Dubai-based businessman – or help find a white knight.