LIBERTY Steel owes “many billions” to the collapsed financial company Greensill Capital – which is under scrutiny over the role of former prime minister David Cameron in lobbying on the firm’s behalf.

Company founder Sanjeev Gupta was asked on BBC Radio 4’s Today programme how much Liberty owed amid fears that thousands of jobs could be lost if the business goes under.

Gupta said that “given the legal disputes we have with them I can’t talk specifics”, but added “it is in many billions”.

The company – owned by the GFG Alliance – has 12 sites across the UK, including the Dalzell steelworks in Motherwell and the Clydebridge steel plant, as well as the last remaining aluminium smelter in the UK at Lochaber and the hydroelectric power station in Fort William.

It employs more than 5000 people across the UK and 35,000 globally.

Gupta said Liberty Steel was “currently enjoying one of the best markets in steel and aluminium”, and its recent efforts to make “efficiency gains” were paying “good results”.

“So, as a result, actually, we have a huge amount of interest from new financiers who are willing to back us,” he said.

“Of course, given the situation, this sort of thing takes time and hence we need to find short-term solutions. But we’re not waiting for anybody. We’ve taken matters into our own hands.”

Gupta said none of its steel plants would be shut down “under my watch” and told ITV News he has received a “barrage” of offers to refinance the debts of GFG Alliance – but he would not provide details, saying only: “I will not give up.”

When asked on BBC Radio 4 about the firm’s immediate future and if its UK plants could keep running amid the financial problems, Gupta acknowledged there were some challenges in the steel sector, such as “high energy prices”. However, he said the business had built its own energy plants to supply renewable energy to its operations, and added: “Our overall global operations are profitable, we have refinancing offers, we will refinance and we will support our UK business also.

“None of my steel plants under my watch will be shut down.”

He said there were “positive discussions” with the administrator for Greensill, and added: “I’m very confident that we will find short-term solutions through our own efforts and will find long-term solutions through refinancing.”

Asked why he had dealt with Greensill Capital in the first place, Gupta said its initial funding support was “a breath of fresh air”.

Commenting on Liberty’s position in the UK, he said: “We have bought plant after plant which was either shut or shutting.

“In those situations you cannot access normal conventional funding. It’s only once the business has been turned around, and our global business now is in that position because of which we merged most of our steel work last year, and we were in the process of refinancing away from Greensill.

“But at the time when Greensill came to give us funding, it was a breath of fresh air, because they believed in our business model, they helped us not to have those plants shut down.”

Asked if former prime minister David Cameron did any lobbying work for him, Gupta replied: “I have not had any interactions with him.”

Prime Minister Boris Johnson said he is “very hopeful” a solution

can be found to save the company after his Government previously rejected an appeal for a £170 million bailout.

The Prime Minister said Business Secretary Kwasi Kwarteng remained in “daily contact” with the owners.

“I think British steel is a very important national asset. I think the fact that we make steel in this country is of strategic long-term importance,” he told reporters during a visit to Middlesbrough.

“We need a strong steel industry. I am very hopeful that we will get a solution.”

A spokesperson for GFG Alliance said it was in “constructive discussions” with Greensill’s administrators Grant Thornton.