Liberty plans restart of some Georgetown operations

The Liberty Steel subsidiary of United Kingdom-based GFG Alliance says some activity will return to the idled former Georgetown Steel mill it owns in South Carolina. The restart reportedly will not include the restart of its electric arc furnace (EAF) melt shop.

“We’re pleased to announce the restart of Liberty Steel USA’s Georgetown, South Carolina, plant, further evidence of healthy market conditions and strong infrastructure spending across much of the globe,” says Jeffrey S. Stein, the GFG Alliance’s chief restructuring officer.

GFG encountered financial difficulties on the heel of the collapse of the former Greensill Capital in the first quarter of this year.

Stein now says, “GFG Alliance’s international businesses are achieving excellent performance which is bolstering cash flow and boosting the group’s refinancing efforts. Since our last update, further organizational progress has been made to focus the group on its core businesses, cementing the foundations for a successful recovery.”

An online report from WPDE-TV in South Carolina indicates a mill representative told it the restarted operations will involve rolling steel billets into wire rod. “Smelting and other operations are not expected to return to the Liberty mill,” the TV station writes.

The melt shop in Georgetown was put on hold well before the Greensill Capital incident, soon after Liberty Georgetown entered into a legal standoff with a former supplier.

As 2021 comes to a close, Liberty says of the mill, “Strong market conditions enable a sustainable restart following a period of care and maintenance during the COVID-19 pandemic.”