UK-based steelmaker Liberty Steel has announced that its subsidiary Liberty Steel USA has raised a $40 million term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January 2023.
In addition to the new term loan, Liberty Steel USA has increased its existing asset-based lending with Eclipse Business Capital from $125 million to $150 million, providing additional liquidity to the business so it can build on its strong performance through 2022, which included the successful restart of the Georgetown wire rod mill.
The refinancing and additional liquidity will enable the company to reinvest in its plants and continue its productivity.