Rolls-Royce stocks up on steel in case Liberty collapses - report

Thursday, 25. March 2021 21:41

Rolls-Royce jet engine manufacturer is looking to purchase enough steel from Liberty to last until the end of 2021, securing the resources in case of supplier's collapse. The move will also buy more time to find a new distributor, should the worst-case scenario come in effect, The Telegraph reported on Thursday, citing sources familiar with the matter.

Liberty's future, along with the 2,000 people it employs, had overcast since the SoftBank-backed Greensill Capital firm filed for bankruptcy.

Earlier, the United Kingdom Business Secretary Kwasi Kwarteng said that the government was "absolutely committed to seeing what we can do to make sure that we have a strong steel industry in this country".

Related Links: Rolls-Royce Holdings plcLiberty Latin America Ltd.
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Breaking the News / LH