Gupta closes in on £200m rescue for Liberty Steel US distressed business investor White Oak mulling a bailout that could safeguard 3,000 UK steel jobs 6 May 2021 • 6:47pm Sanjeev Gupta is seeking a £200m lifeline that will allow his UK steelmaking operations to get back to full production. Liberty Steel is thrashing out details of a new working capital facility with US-based White Oak Global Advisors, a company which specialises in funding struggling businesses. The agreement is subject to due diligence checks by White Oak and would guarantee that the money is ring-fenced for Liberty’s UK operations, not funnelled into parent company GFG.