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.

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

Also read: JSW Steel completes Bhushan Power and Steel acquisition

Infrastructure Urban

16 May 2025

Dr Ajay Kumar Takes Over as UPSC Chairman

Dr Ajay Kumar, Former Secretary, Ministry of Defence took the Oath of Office and Secrecy as Chairman, Union Public Service Commission today. The Oath was administered by Lt Gen Raj Shukla (Retd.), the senior most Member of the Commission.Having pursued a B Tech. in Electrical Engineering from the Indian Institute of Technology, Kanpur, Dr Ajay Kumar has done his MS in Applied Economics from the University of Minnesota, USA and PhD in Business Administration from Carlson School of Management, University of Minnesota, USA. He was also conferred an Hon. Doctor of Philosophy by Amity University in..

Infrastructure Urban

16 May 2025

MSME Ministry Invites Applications for National Award 2024

The Ministry of Micro, Small and Medium Enterprises (MSME) has acknowledged the significant contributions made by MSME entrepreneurs and aims to motivate and encourage them by presenting National Awards for outstanding performance. Currently, there are 35 National Awards offered to MSMEs across various categories. Special provisions have been made to recognize MSMEs led by women entrepreneurs, those belonging to Scheduled Castes (SC) and Scheduled Tribes (ST), and entrepreneurs from the North Eastern Region.Under this scheme, selected MSMEs are honored with a trophy and certificate, along with..

Infrastructure Transport

16 May 2025

MoS Murlidhar Mohol Inaugurates New ATC Tower at Kolhapur Airport

Today marked a significant moment for Maharashtra鈥檚 aviation growth as Union Minister of State for Civil Aviation Murlidhar Mohol inaugurated the new ATC Tower cum Technical Block cum Fire Station at Kolhapur Airport, and flagged off the inaugural Star Air flight between Kolhapur and Nagpur. Under the visionary leadership of Prime Minister Narendra Modi and proactive guidance of Union Minister for Civil Aviation Ram Mohan Naidu, these upgrades aim to enhance air safety, bolster emergency services, and strengthen regional air connectivity across Maharashtra. The Minister expressed deep g..