+
Liberty Steel to sell UK plant as a part of restructuring plan
Steel

Liberty Steel to sell UK plant as a part of restructuring plan

GFG Alliance's Liberty Steel announced on Monday that it will sell its Stocksbridge plant in southeast England to help pay back lender Credit Suisse as part of its ongoing restructuring plans.

Sanjeev Gupta, owner of the GFG Alliance, and his newly-formed Restructuring and Transformation Committee held superior discussions with Credit Suisse Asset Management (CS) in Dubai over the weekend to reach a formal standstill agreement on its Liberty Primary Metals Australia business while refinancing is finished that will repay Credit Suisse out in full.

Meanwhile, the investment bank has consented to halt court proceedings against Gupta's empire while the sale of Stocksbridge is conducted.

The company said that both parties also made important progress in agreeing on a framework to resolve GFG Alliance's remaining exposure with CS.

Further, they added that this work involves distinguishing a positive solution that will allow Liberty to accomplish the restructuring and refinancing of its UK operations, preserving thousands of jobs, and encouraging the fulfillment of its vision to be a leader in the decarbonisation of the UK steel industry.

A formal sale process for the aerospace and special alloys steel business at Stocksbridge and its downstream plants will be launched soon.

Earlier this year, Greensill Capital, its main lender collapsed and the company is working on a refinancing plan.

This sale will enable the company to focus on developing its Rotherham plant including its electric arc furnaces into a competitive 2 million tonne recycled GreenSteel plant.

Image Source


Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr

Also read: JSW Steel completes Bhushan Power and Steel acquisition

GFG Alliance's Liberty Steel announced on Monday that it will sell its Stocksbridge plant in southeast England to help pay back lender Credit Suisse as part of its ongoing restructuring plans. Sanjeev Gupta, owner of the GFG Alliance, and his newly-formed Restructuring and Transformation Committee held superior discussions with Credit Suisse Asset Management (CS) in Dubai over the weekend to reach a formal standstill agreement on its Liberty Primary Metals Australia business while refinancing is finished that will repay Credit Suisse out in full. Meanwhile, the investment bank has consented to halt court proceedings against Gupta's empire while the sale of Stocksbridge is conducted. The company said that both parties also made important progress in agreeing on a framework to resolve GFG Alliance's remaining exposure with CS. Further, they added that this work involves distinguishing a positive solution that will allow Liberty to accomplish the restructuring and refinancing of its UK operations, preserving thousands of jobs, and encouraging the fulfillment of its vision to be a leader in the decarbonisation of the UK steel industry. A formal sale process for the aerospace and special alloys steel business at Stocksbridge and its downstream plants will be launched soon. Earlier this year, Greensill Capital, its main lender collapsed and the company is working on a refinancing plan. This sale will enable the company to focus on developing its Rotherham plant including its electric arc furnaces into a competitive 2 million tonne recycled GreenSteel plant. Image Source Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr Also read: JSW Steel completes Bhushan Power and Steel acquisition

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code