The GFG Alliance, led by Sanjeev Gupta, has announced plans to commit £ 50 million to restart its Liberty Steel Rotherham (EAF) electric arc furnace and to operate its Stokesbridge plant. This is expected to save most of the roughly 1,000 jobs.
The alliance has entered into a debt restructuring deal with Credit Suisse. It should be noted that GFG is in a dire financial crisis after its main lender, Greensill Capital, filed for bankruptcy in March this year.
The company said the debt restructuring deal between Credit Suisse Asset Management (CSAM) and Liberty Primary Metals Australia (LPMA) for its steel and coal assets in Australia will allow the group to make a significant down payment to Greensill Bank and Credit Suisse. The balance payment will be made in installments with an extension until a new maturity date in June 2023, he added.
Liberty Steel UK funding of £ 50 million will ensure the relaunch of the EAF in Rotherham in October. The plant will reach its design capacity no earlier than 50,000 tons per month.
It should be noted that the previously announced deal with San Francisco-based White Oak Global Advisors to secure funding for its Australian business could not be completed in time.
Liberty Steel will restart its steel operations in the UK
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Azovpromstal® 12 October 2021 г. 10:12 |
