GFG Alliance Highlights Robust Performance by its Core Businesses

SEATTLE (Scrap Monster): GFG Alliance has released an operational update detailing the progress of the specially appointed Restructuring and Transformation Committee (RTC) at Liberty Steel. It highlighted on the robust performance delivered by its core businesses, mainly driven by strong demand and high steel, aluminum and iron ore prices.

According to company press release, efforts are underway to complete refinancing of Liberty Primary Metal Australia (LPMA). It has reached a long-term commercial relationship deal with two large trading houses at ALVANCE. Also, it put an end to proceedings against its affiliates by reaching an agreement with Tata Steel. Furthermore, the company has reached settlement with Rio Tinto Group over Dunkirk smelter acquisition in 2018.

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The company had introduced new management team at Liberty Steel UK (LSUK). The new business plans are expected to lead to resumption of production in the short term. Incidentally, the Newport mill had recorded its best-ever financial results during the initial quarter this year. The European operations, including those in Romania and the Czech Republic reported strongest quarterly results. The initiatives undertaken by the Whyalla Steelworks team in South Australia continued to deliver higher efficiency and value realisation.

The company aims to take advantage of the prevailing excellent market conditions, said Sanjeev Gupta, Executive Chairman, GFG Alliance.