UK-based Liberty Steel, a subsidiary of GFG Alliance, has announced that GFG will inject £50 million of new funding into Liberty Steel UK to restart production at Rotherham electric arc furnace, within the scope of the company’s restructuring plans.
The provision of funding will refinance Liberty Steel UK’s operations in full and create a long-term greensteel hub. Production ramp-up will commence in October this year with a plan to reach 50,000 mt per month as soon as possible. The restart of operations will enable the company to reach its plan to expand Rotherham’s capacity, creating an annual two million mt capacity greensteel plant. Investment plans in Rotherham will also increase employment.
This funding decision comes after an agreement between GFG and Switzerland-based Credit Suisse on debt restructuring for Liberty Primary Metals Australia. Accordingly, GFG will pay its debt to Credit Suisse and its collapsed main lender Greensill Capital in instalments by June 2023.
