Today, GFG Alliance have agreed to debt restructuring for Liberty Primary Metals Australia with Credit Suisse Asset Management. GFG Alliance plan to inject £50mn of new funding to relaunch Rotherham steel production.
Responding to the announcement Roy Rickhuss CBE, General Secretary of Community, the steelworkers’ union, said:
“This news is well overdue, but it’s an important step in the right direction and demonstrates that GFG can raise funds for the UK. Huge challenges remain but the workforce is ready to get back to making the best steels money can buy, and the £50 million injection will enable us to restart steelmaking.
The Government must play their part and act now to protect our industry from the consequences of soaring energy prices. Other European countries have already acted, and Britain’s steelworkers want to know why our politicians are sitting on their hands. Brexit was supposed to make it easier for the Government to back British industry and British jobs, but we’re just seeing the same old hand-wringing and excuses for doing nothing.”