Liberty Steel Seperating Flemalle & Tilleur Plants in Belgium
Argus reported that Liberty Steel is splitting the assets of its Liege facilities in Belgium into two different corporate entities and has requested a judicial
Argus reported that Liberty Steel is splitting the assets of its Liege facilities in Belgium into two different corporate entities and has requested a judicial reorganisation procedure for the Belgian plants. The two hot-dip galvanising lines at Flemalle with a capacity of 950,000 tonnes per year will become one entity, while the Tilleur packaging, pickling and cold-rolled lines will be put into another.
The Liege facility is currently under creditor protection and not supplying many customers. The existing entity structure has an all-assets pledge to Greensill Capital under its financing facility, so the changes could require permission from Greensill's administrators.
According to Argus report, ArcelorMittal is the biggest creditor of Liberty Steel's Liege business in Belgium. According to internal documentation obtained by Argus, ArcelorMittal Flat Carbon Europe is owed EUR 43.77 million by the business.
Liberty acquired Liege-Dudelange, alongside other former ArcelorMittal assets, as the latter had to divest some facilities enabling it to purchase the Ilva steelworks in Taranto in Italy in 2018. As part of the deal, it was agreed that ArcelorMittal would supply the re-rolling lines with hot-rolled coil substrate. But the supply has not been seamless for some time because of issues between the companies.