GFG Alliance announces further restructuring of steel business

GFG Alliance and Liberty Steel’s restructuring and transformation committee has announced its plans to restructure the group’s steel businesses, the company said on Monday June 28.

“The developments [will] help to pave the way for a refinancing which will enable GFG [Alliance] to pay back creditors following the collapse of its main lender, Greensill Capital,” the company said. “This in turn will allow GFG [Alliance] to refocus its business, protect jobs and develop further its remaining assets.”
The company will focus on its primary steelmaking plants and associated downstream assets, and renewable energy developments, to support its greensteel projects, it said.

“In its reformed state, Liberty will be focused on core business units, including InfraBuild and Liberty Primary Metals Australia [LPMA] in Australia, and the Liberty Ostrava and Liberty Galati steelworks in Europe,” GFG Alliance said. “The plan also incorporates a restructured and refocused UK business as well...

Published

Maria Tanatar

June 28, 2021

18:35 GMT

London