Liberty Steel has secured a £50m cash injection which it says will safeguard 660 jobs at its plant in Rotherham.
The deal is part of a wider restructure of GFG Alliance, Liberty’s owner, which was forced to seek funding when its key lender, Greensill Capital, collapsed.
GFG said the cash injection would allow Liberty Steel (LSUK) to restart its electric arc furnace at Rotherham.
“Production ramp-up will commence in October 2021 with a plan to reach 50,000 tonnes per month as soon as possible,” it added.
“The restart of operations will enable colleagues to return to work, setting the platform for LSUK’s longer-term refinancing and delivery of its plan to expand Rotherham’s capacity, creating a two million tonnes per annum green steel plant.”