PR99184

NEW YORK, December 12, 2022, /PRNewswire=KYODO JBN/--

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  EBITDA increased by 97% for the

same period. LIBERTY Steel USA is on course for its most profitable year as

it continues to serve its customers with differentiated products, including

from its iconic Red Brand range of wire 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: "The

successful refinancing of our term loan and the enhancement of our ABL with

Eclipse Business Capital off the back of strong results this year shows the

growing confidence in the future of our business and concludes our

current financing needs."

Martin Battaglia, Chief Executive Officer, Eclipse Business Capital said:

"We've been delighted by our partnership with LIBERTY Steel USA and how the

improved liquidity and working capital over the last six months has enabled

them to capitalize on their excellent brand and product strategy. We've been

impressed by their strong performance,  and are confident they will  continue

to build their brand and team and continue to deliver strong performance."

LIBERTY Steel Group, part of the GFG Alliance [http://www.gfgalliance.com/] and

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).

www.libertysteelgroup.com

www.gfgalliance.com [http://www.gfgalliance.com/]

Source: LIBERTY Steel Group