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GFG Alliance announces plans to reopen LIBERTY Steel USA plant in Georgetown

1/3/2022 – The GFG Alliance reports that it plans to re-open its LIBERTY Steel Georgetown (LSG) rod mill in Georgetown, South Carolina.

A press release initially said that the reopening was expected to happen in mid-January. LGS will integrate operations with LIBERTY’s plant in Peoria, Illinois, to meet a strong order book and clear a customer backlog. Billet will be manufactured in Peoria, taking advantage of the plant’s additional melt capacity, then delivered to Georgetown for conversion into 10,000 metric tons of finished rod a month. LGS has also implemented efficiencies such as utility cost savings, rental equipment returns and contractor reductions to improve profitability and develop a sustainable long-term plan for the plant.

The rod mill has had a storied history. Founded in 1969 by German industrialist Willy Korf, it at one time had as many as 1,500 employees. It had multiple owners, including the government of Kuwait in 1984 and the International Steel Group in 2004. It was bought in 2005 by Lakshmi Mittal. The mill closed in 2009, and following the Mittal merger with Arcelor, it was reopened by Arcelor Mittal in 2011, only to be closed in May 2015. The Liberty House Group, part of the GFG Alliance, purchased ArcelorMittal’s Georgetown steelworks in 2017.

The news was part of a larger update by the GFG Alliance, which included restructuring and refinancing progress for all its operations. LIBERTY Steel Group’s Restructuring and Transformation Committee (RTC) was formed in May 2021. Chief Restructuring Officer Jeffrey Stein said that the restart of the Georgetown plant reflects “further evidence of healthy market conditions and strong infrastructure spending across much of the globe.”

Read 462 times Last modified on January 4, 2022