GFG Alliance Updated on Restructuring and Refinancing Progress

SEATTLE (Scrap Monster): Liberty Steel Group’s Restructuring and Transformation Committee (RTC) and GFG Alliance announced sustained progress to its restructuring and refinancing activities. In addition, it also declared further developments across the group.

The Georgetown, South Carolina rod mill will reopen and resume production by mid-January next year, thus enabling 65 employees to return to work. The mill has been kept under care and maintenance during the Covid-19 pandemic period.

The company has decided to restructure LIBERTY Aluminium Technologies (LAT) and divest it to Evtec Aluminium Ltd. Although the restructuring transaction will secure the future of more than 170 jobs, it may result in closure of LAT’s Witham plant, thus leading to approximately 64 redundant jobs.

LIBERTY Liège transformation plan has been approved by Belgium’s Liège Commercial Court  as well as by its business creditors. The Liberty Dudelange, Luxembourg management has reached an agreement with its unions and the government on technical restructuring aimed at temporarily protecting its employees.

Sanjeev Gupta, Executive Chairman of GFG Alliance said that it has completed the first phase of debt restructuring in Australia and injected fresh capital into its UK steel business. The record production volumes and profitability of its core businesses put the company in a strong position to achieve the next phase of transformation, he added.

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