One of the 海角视频's biggest steel companies has said it has "adequate funding" for its current needs after worries were raised over around 5,000 jobs when one of its main lenders filed for administration.
Bosses at GFG Alliance, which owns Liberty Steel, met with unions today, saying they were looking for refinancing options after the collapse of Greensill Capital.
"While Greensill's difficulties have created a challenging situation, we have adequate funding for our current needs," GFG said in a statement.
It added: "Discussions to secure alternative long-term funding are progressing well but will take some time to organise. While this takes place we have asked all of our businesses to manage cash carefully."
Representatives for the National Trade Union Steel Co-ordinating Committee called the meeting with GFG boss Sanjeev Gupta "positive and constrictive".
"It is clear Mr Gupta intends to secure a refinancing of the debt to provide the business with the necessary liquidity going forward," they said.
"We recognise Mr Gupta's desire to see Liberty Steel succeed, and recognise also his personal contribution in giving distressed 海角视频 steel assets a new lease of life."
Mr Gupta has often been termed the "saviour of steel", however his five billion dollars (£3.6 billion) in loans from Greensill sparked worries over the future of his empire, including Liberty Steel, which employs 3,000 people.
Greensill filed for administration on Monday after concluding it was unable to meet its debts.
"Sanjeev had a productive meeting with the unions today to discuss the plan to make the parts of the 海角视频 businesses facing weak market conditions more financially sustainable and address the disruption caused by the situation at Greensill," GFG said.
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Mr Gupta's business has faced a 60% drop in demand for some of its products due to the impact of Covid-19 on the aeroplane building sector.
Earlier in the day, Downing Street said the reports that up to 5,000 jobs might be at risk were "very worrying for company employees".
The Prime Minister's official spokesman said: "We continue to follow developments closely."
The National Trade Union called on the Government to ensure that jobs and the company are not lost.
It said: "Given the strategic importance of Liberty's steel operations, and their fundamental importance to delivering the 海角视频's climate objectives, we believe Government must take an active role to facilitate a comprehensive solution that safeguards the future and protects jobs."
Liberty Steel, one of the business groups under the GFG Alliance, employs around 200 at Liberty Steel Newport and Liberty Steel Tredegar. Across the 海角视频 Mr Gupta’s firms employ 5,000 and 30,000 globally.
It also has an interest in the Uskmouth Power Station , which is seeking to raise investment to move to biomass energy generation to supply the adjoining Liberty Steel Newport plant, where last year it announced 70 redundancies.
Last year the GFG Alliance consolidated his interests into three industry brands: Liberty Steel Group, Alvance Aluminium Group and Simec Energy Group.
Mr Gupta’s acquisition strategy has focused on struggling business interests, with the aim of creating synergies and moving them into profitability by pivoting them to less carbon intensive production through his much vaunted green steel initiative.
The Welsh Government has provided funding, mainly through its Covid response Economic Resilience Fund (ERF), to Mr Gupta’s firms in Wales.
This consists of:
Liberty Steel Newport receiving £160,678, of which £132,000 was through the ERF.
Liberty Steel Tredegar, £49,000 from the ERF; and
Simec Uskmouth Power, £75,000.