Liberty Steel Strengthens U.S. Operations with New Funding
British metals entrepreneur Sanjeev Gupta has secured $125 million in new financing to support Liberty Steel USA, a major manufacturer of steel wire rod. According to The Wall Street Journal, the funding comes from Eclipse Business Capital, a Chicago-based lender known for supporting midsize companies. This new financing replaces an earlier loan from Wells Fargo.
The partnership with Eclipse provides a significant financial boost to Gupta’s global industrial group, GFG Alliance, and helps stabilize its U.S. operations during an ongoing global restructuring.
GFG Alliance Expands with Liberty Steel $125 Million Financing
Gupta’s GFG Alliance controls more than 200 manufacturing assets across 12 countries, including advanced steel and aluminum facilities. In the U.S., Liberty Steel operates plants in Illinois and South Carolina. Notably, Liberty revived the Georgetown mill, which it acquired from ArcelorMittal in 2017 after years of inactivity. The facility reopened just seven months later, restoring local jobs and strengthening the region’s steel output.
Addressing the Impact of Greensill Capital’s Collapse
The new financing comes after a challenging period for GFG Alliance. The group faced liquidity pressures following the collapse of Greensill Capital, a key funding partner for Gupta’s industrial businesses. Greensill’s downfall disrupted the capital flow that supported GFG’s steel, aluminum, and energy operations.
With the new loan from Eclipse Business Capital, Liberty Steel gains breathing room to move forward and continue modernizing its facilities, reinforcing its commitment to sustainable steel production across America.
