Following the creation of LIBERTY Steel Group’s Restructuring and Transformation Committee in May 2021 and the sustained progress achieved to date, GFG Alliance and the Group’s Restructuring and Transformation Committee has reported further developments across the Group. Chief Restructuring Officer Mr Jeffrey S Stein 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.” UK - GFG will inject GBP 50 million of new funding into LIBERTY Steel UK to enable the restart of LIBERTY Steel UK’s core Rotherham electric arc furnace. Production ramp up will commence in October 2021 with a plan to reach 50,000 tonnes per month as soon as possible. The provision of funding will set the platform to refinance LIBERTY Steel UK operations in full, create a leading long-term GREENSTEEL hub, and support the RTC’s work of creating a profitable, restructured and focused business. Funds will be allocated to LIBERTY Steel UK through a new separate corporate entity LIBERTY Capital. LIBERTY Steel UK will run as normal with funding for growth in working capital approved through LIBERTY Capital. This arrangement will ensure fast and effective deployment of the GBP 50 million in initial funds in the UK, enabling LIBERTY Steel UK to restart its operations. This will allow time to prove the operations can run efficiently which will enable them to finalise longer term debt restructuring. Europe - In Italy, the LIBERTY Magona mills have now fully restarted following the initial aspects of the integration into LIBERTY Galati, which is now Magona’s primary supplier of Hot Rolled Coil. In the Benelux, the management of LIBERTY Liège-Dudelange have informed the works council of LIBERTY Liège, which comprises two plants in Flémalle and Tilleur, of the main aspects of a possible future organisational structure. The potential new structure has been identified as offering the best long-term future for the company, making it more likely that potential investment will be obtained to support this future. The proposed restructuring project has no impact on the LIBERTY Dudelange site in Luxembourg, which is expected to restart shortly. Australia - Marking a significant step forward on GFG’s path to recovery following the collapse of its main lender Greensill in March, GFG and Credit Suisse Asset Management have agreed a debt restructuring for LIBERTY Primary Metals Australia, which comprises its integrated mining and primary steel business at Whyalla and its coking coal mine at Tahmoor. The deal will provide a stable financial platform for our LIBERTY Primary Metals Australia business and secures a recovery plan for creditors. The strength of the LIBERTY Primary Metals Australia business will enable it to make a substantial upfront payment to Greensill Bank and Credit Suisse Asset Management, which has been closely involved in GFG’s work to refinance and restructure its portfolio following the collapse of GFG’s main lender Greensill Capital. Under the agreement, which represents the best of several options open to LIBERTY Primary Metals Australia to achieve refinancing, the balance will be paid in instalments to Credit Suisse Asset Management and Greensill Bank, through the amended maturity date of June 2023.