A £50m cash injection by Liberty Steel will safeguard hundreds of jobs in Yorkshire, it has been announced.
The investment to the firm's plant in Rotherham 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.
The cash will allow the Rotherham plant to reopen after being closed since spring.
Jeffrey S Stein, chief restructuring officer, said: “I’m pleased to report a significant advance in GFG Alliance’s global restructuring.
“The debt restructuring we have agreed for Liberty Primary Metals Australia gives the business clarity and stability and secures a clear recovery plan for creditors.
“The funding we are injecting to Liberty Steel UK puts it in a strong position for business transformation and debt restructuring.
“The next stage in our global refinancing will be in Europe where a significant number of new lenders are expressing interest in refinancing our steel assets.”