• earnings forecast

LIBERTY Steel USA completes new debt raise

PRNewswire December 12, 2022

NEW YORK, Dec. 12, 2022 /PRNewswire/ — LIBERTY Steel USA has successfully raised a US$40m term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January 2023.

In addition to the new term loan, LIBERTY Steel USA increased its existing ABL with Eclipse Business Capital from US$125m to US$150m, providing additional liquidity to the business so it can build on strong performance through 2022, including the successful restart of the Georgetown rod mill. 

For H1FY22 (Jan’22-Jun’22) the business recorded a revenue increase of 18% compared to H1 FY21 (Jan’21-Jun’21), while┬á EBITDA increased by 97% for the same period. LIBERTY Steel USA is on course for its most profitable year as it┬ácontinues to serve its customers with differentiated products, including from its iconic Red Brand┬árange of┬áwire fencing products.

The refinancing and additional liquidity will enable the business to reinvest in its plants and continue its productivity drive aiming to set world-class standards in its operations. 

Axel Ampolini, Executive Vice President, LIBERTY Steel USA, said:┬á”The successful refinancing of our term loan and the enhancement of our ABL┬áwith Eclipse Business Capital┬áoff the back of strong results this year┬áshows the growing confidence in┬áthe future of┬áour business┬áand concludes our current┬áfinancing needs.”

Martin Battaglia,┬áChief Executive Officer,┬áEclipse Business Capital┬ásaid: “We’ve been delighted by our partnership with┬áLIBERTY Steel USA and how the improved liquidity and working capital over the last six months has enabled them to capitalize on their┬áexcellent brand and product┬ástrategy.┬áWe’ve been impressed by their strong performance, ┬áand are confident they will ┬ácontinue to build their brand and team and continue to deliver┬ástrong┬áperformance.”

LIBERTY Steel Group, part of the GFG Alliance┬áand a leading GREENSTEEL producer, is a global integrated steel business bringing together assets across the steel supply chain, from production of liquid steel from raw and recycled materials through to high value precision engineered steels. With a total rolling capacity of 20 million tonnes, 200+ manufacturing locations globally across 10 countries and employing more than 30,000 people, LIBERTY Steel’s furnaces, mills, services centres and distribution sites across the UK, continental Europe, Australia, the United States and China serve demanding sectors such as construction, energy, aerospace, automotive, and infrastructure. LIBERTY Steel is a leader in sustainable industry with a mission to become Carbon Neutral by 2030 (CN30).┬á

www.libertysteelgroup.com
www.gfgalliance.com

SOURCE LIBERTY Steel Group

AAPR aggregates press releases and media statements from around the world to assist our news partners with identifying and creating timely and relevant news.

All of the press releases published on this website are third-party content and AAP was not involved in the creation of it. Read the full terms.