The GFG Alliance said on Sunday it had agreed a debt restructuring deal with Credit Suisse for its Australian steel and coal mining assets, and announced plans to inject 50 million pounds ($68 million) into the restart of its Rotherham electric furnace in the United Kingdom.
Liberty Steel's Sanjeev Gupta smiles outside the company's Liberty Steel processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne
for its Australian steel and coal mining assets, and announced plans to inject 50 million pounds into the restart of its Rotherham electric furnace in the United Kingdom. The debt restructuring for its Australia assets will allow GFG to make a "substantial upfront payment" to Greensill Bank and Credit Suisse, with the balance paid in instalments until the new maturity date of June 2023, a statement from GFG said.
Following the cash injection into its UK steel business, Liberty Steel, production will start in October with a plan for output to reach 50,000 tonnes per month as soon as possible, the statement said.
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