Liberty Steel UK gets $68mln cash for restart after GFG restructuring

The global restructuring of the GFG Alliance group has provided cash funds for Liberty Steel’s UK operations to restart its electric-arc furnace in the English town of Rotherham, and to prepare the Speciality Steel section for sale, the company said in a press release on Sunday October 10.

After the creation of Liberty Steel Group’s Restructuring and Transformation Committee (RTC) in May 2021, progress has been made across various assets within the group, GFG said.
It will inject £50 million ($68 million) of new funding into Liberty Steel UK (LSUK) to enable the restart of the EAF at Rotherham, where it said there was a significant opportunity to expand the recycling of scrap steel for use in growth markets such as infrastructure and engineering.
The funding would set the platform to refinance LSUK operations in full, create a long-term Greensteel hub, and support the RTC’s work of creating a profitable, restructured and focused business, the group added.

Funds will be allocated to LSUK through a new separate corporate entity, Liberty Capital, which GFG said would allow time to prove that the operations can run efficiently and which would enable the group to finalize longer term debt...

Published

Carrie Bone

October 11, 2021

12:50 GMT

London