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

26 May 2021 CW Team

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.

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