<p>LIBERTY Steel Group's Restructuring & Transformation Committee has reported on the continuing developments across the Group and the sustained progress achieved to date. Chief Transformation Officer Mr Jeffrey Kabel said "We're pleased to report good further progress in our negotiations with creditors including UK's HMRC. We are committed to repaying all creditors and this is an important step in enabling us to restructure and achieve long-term refinancing. Our core international businesses have continued to generate strong returns and achieve record production levels despite the sky-high energy costs facing energy-intensive industries across the UK and Europe. We will continue to progress our efforts to refocus and refinance our operations for the long-term."</p> <p>----</p><p>UK</p><p>----</p> <p>Following positive discussions with HMRC winding up petitions have been withdrawn. In parallel, constructive discussions continue with existing creditors to repay liabilities and with new lenders over longer term refinancing of the business.</p> <p>Following the GBP 50 million injection of shareholder funding to restart operations at LIBERTY Steel UK in October, a further significant injection of shareholder capital has enabled renewed steel making across LIBERTY Steel UK's High Value Manufacturing, Narrow Strip, Engineering Bar and Merchant Bar operations. The campaigns, which will extend into March and April, will enable LIBERTY Steel UK to serve customers and maintain market position.</p> <p>Following the announcement in May 2021 that GFG Alliance would be divesting LIBERTY Pressing Solutions Coventry the Group has actively been seeking potential buyers forthe business. LIBERTY Pressing Solutions Coventry has continued to fulfil customer orders through this period, during which operations were funded through shareholder capital. The structural long-term downturn in the UK automotive market has meant that it has not been possible to find a buyer for LIBERTY Pressing Solutions Coventry and as a result a formal consultation opened on March 7.</p> <p>---------</p><p>Europe</p><p>---------</p> <p>LIBERTY Ostrava in the Czech Republic has started an extensive two year programme of modifications to its Steckel hot strip mill, costing around EUR 40 million. This will reinforce reliability and product quality, while increasing capacity utilisation to more than 1 million tonnes of flat products a year. Ostrava's tube plant also expects to hire more than one hundred new skilled workers this year to support its drive to increase the production of seamless pipes aimed at the US oil drilling and transport markets.</p> <p>LIBERTY Galati in Romania has invested EUR 5.5 million in strengthening its Hot Rolled Coils production line to increase productivity of the mill and improve its environmental performance.</p> <p>LIBERTY Czestochowa, Poland's only producer of low-carbon GREENSTEEL plate, has started the renovation of its two cutting lines, crucial for the successful realisation of its new "55-65-85" production strategy which initially aims to achieve the shipment of 55,000 tons of steel plate per month.</p> <p>LIBERTY Magona, Italy's leader in galvanized and pre-painted flat rolled coils production, is planning to achieve a capacity increase of more than 20% this year. The expansion is expected to come from the addition of new capacity for painting production and a new range of galvanized and pre-painted products, supported by enhanced customer service and broader international sales network. LIBERTY Skopje in North Macedonia is also planning to increase its production to around 20,000 tonnes a month, up by 65% through operational and planning efficiencies.</p>
<p>LIBERTY Steel Group's Restructuring & Transformation Committee has reported on the continuing developments across the Group and the sustained progress achieved to date. Chief Transformation Officer Mr Jeffrey Kabel said "We're pleased to report good further progress in our negotiations with creditors including UK's HMRC. We are committed to repaying all creditors and this is an important step in enabling us to restructure and achieve long-term refinancing. Our core international businesses have continued to generate strong returns and achieve record production levels despite the sky-high energy costs facing energy-intensive industries across the UK and Europe. We will continue to progress our efforts to refocus and refinance our operations for the long-term."</p> <p>----</p><p>UK</p><p>----</p> <p>Following positive discussions with HMRC winding up petitions have been withdrawn. In parallel, constructive discussions continue with existing creditors to repay liabilities and with new lenders over longer term refinancing of the business.</p> <p>Following the GBP 50 million injection of shareholder funding to restart operations at LIBERTY Steel UK in October, a further significant injection of shareholder capital has enabled renewed steel making across LIBERTY Steel UK's High Value Manufacturing, Narrow Strip, Engineering Bar and Merchant Bar operations. The campaigns, which will extend into March and April, will enable LIBERTY Steel UK to serve customers and maintain market position.</p> <p>Following the announcement in May 2021 that GFG Alliance would be divesting LIBERTY Pressing Solutions Coventry the Group has actively been seeking potential buyers forthe business. LIBERTY Pressing Solutions Coventry has continued to fulfil customer orders through this period, during which operations were funded through shareholder capital. The structural long-term downturn in the UK automotive market has meant that it has not been possible to find a buyer for LIBERTY Pressing Solutions Coventry and as a result a formal consultation opened on March 7.</p> <p>---------</p><p>Europe</p><p>---------</p> <p>LIBERTY Ostrava in the Czech Republic has started an extensive two year programme of modifications to its Steckel hot strip mill, costing around EUR 40 million. This will reinforce reliability and product quality, while increasing capacity utilisation to more than 1 million tonnes of flat products a year. Ostrava's tube plant also expects to hire more than one hundred new skilled workers this year to support its drive to increase the production of seamless pipes aimed at the US oil drilling and transport markets.</p> <p>LIBERTY Galati in Romania has invested EUR 5.5 million in strengthening its Hot Rolled Coils production line to increase productivity of the mill and improve its environmental performance.</p> <p>LIBERTY Czestochowa, Poland's only producer of low-carbon GREENSTEEL plate, has started the renovation of its two cutting lines, crucial for the successful realisation of its new "55-65-85" production strategy which initially aims to achieve the shipment of 55,000 tons of steel plate per month.</p> <p>LIBERTY Magona, Italy's leader in galvanized and pre-painted flat rolled coils production, is planning to achieve a capacity increase of more than 20% this year. The expansion is expected to come from the addition of new capacity for painting production and a new range of galvanized and pre-painted products, supported by enhanced customer service and broader international sales network. LIBERTY Skopje in North Macedonia is also planning to increase its production to around 20,000 tonnes a month, up by 65% through operational and planning efficiencies.</p>
