A disparate collection of steelworks in Australia, the UK, Romania and the Czech Republic at the start of the year had two things in common: they were part of the metals empire of Sanjeev Gupta, and they had fallen silent.
The idling plants were emblematic of the tycoon’s struggles. Born in India before starting a commodities trading business at university, Gupta was once nicknamed the “saviour of steel” for his plans to turn around struggling plants. Yet things looked very different this week, as he finally lost control of one of his key UK businesses.
London’s high court ruled on Thursday that Speciality Steel UK (SSUK), a key operating subsidiary, should enter compulsory liquidation as it was “hopelessly insolvent”, with…