Steel tycoon Sanjeev Gupta sold more than €100m (£89m) of carbon credits linked to a vast European steelworks empire just months after buying it. His Liberty House Group has been on a rapid acquisition spree to become one of Europe’s biggest steel-makers. A year ago, Liberty won approval from the European Commission to buy plants in Italy, the Czech Republic, Macedonia and Romania from Arcelor Mittal for €740m. The Commission insisted carbon credits linked to the plants be transferred to Liberty. It swiftly sold more than €100m of them in January and February. Brussels gives carbon credits to big polluters under a scheme to cut climate change. Liberty has also sold smaller sums of credits linked to its British plants, which include sites in Wales, South Yorkshire and Scotland. The sales raise further questions about the health of Gupta’s empire. Liberty has asked the UK government for a loan as the pandemic crushes demand for steel.
Times 17th May 2020 read more »